Things not going well for the nickel trading market in London

[Parliament 14227]

Wally, I presume you shorted this one too? Cheeky bugger.

 

Nickel trading will resume on the London Metal Exchange on Wednesday, over a week after being suspended amid a historic short squeeze, after the tycoon at the center of the crisis reached a deal with his banks.

Xiang Guangda, whose large short position roiled the market last week, has secured a standstill agreement to avoid further margin calls, reducing the risk that the squeeze is repeated when the market reopens. In a notice to members on Monday evening, the LME said that bank support for Xiang’s Tsingshan Group Holding Co. “could suggest that the potential for further disorderly conditions may be mitigated.”

https://finance.yahoo.com/news/lme-reopen-nickel-market-march-200706173.html

ETA for a better link:

 

Yet the day before, the market had started to unravel, with prices rising by a stunning 66% to $48,078. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. Just after 6 a.m., the price of nickel passed $100,000 a ton.

The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who had amassed a big wager that nickel prices would fall through his company Tsingshan Holding Group Co. On Monday, a week after trading had been suspended, Tsingshan announced a standstill agreement from JPMorgan Chase & Co. and other banks that would allow it to maintain its short position. The LME said nickel trading would resume on Wednesday.

https://www.bloomberg.com/news/articles/2022-03-14/inside-nickel-s-short-squeeze-how-price-surges-halted-lme-trading

Edited March 15, 2022 by Parliament

[Trey3216 15343]

I had explored shorting the ruble with extreme prejudice in mid-January, but was informed that I wasn't allowed to make that trade.  Was pretty pissed, because the leveraged position I was going to take would have made an absolute fortune.  Wouldn't have thought about the nickel trade.  Should have.   

[Wally Fairway 5539]

7 hours ago, Parliament said:

Wally, I presume you shorted this one too? Cheeky bugger.

 

Nickel trading will resume on the London Metal Exchange on Wednesday, over a week after being suspended amid a historic short squeeze, after the tycoon at the center of the crisis reached a deal with his banks.

Xiang Guangda, whose large short position roiled the market last week, has secured a standstill agreement to avoid further margin calls, reducing the risk that the squeeze is repeated when the market reopens. In a notice to members on Monday evening, the LME said that bank support for Xiang’s Tsingshan Group Holding Co. “could suggest that the potential for further disorderly conditions may be mitigated.”

https://finance.yahoo.com/news/lme-reopen-nickel-market-march-200706173.html

ETA for a better link:

 

Yet the day before, the market had started to unravel, with prices rising by a stunning 66% to $48,078. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. Just after 6 a.m., the price of nickel passed $100,000 a ton.

The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who had amassed a big wager that nickel prices would fall through his company Tsingshan Holding Group Co. On Monday, a week after trading had been suspended, Tsingshan announced a standstill agreement from JPMorgan Chase & Co. and other banks that would allow it to maintain its short position. The LME said nickel trading would resume on Wednesday.

https://www.bloomberg.com/news/articles/2022-03-14/inside-nickel-s-short-squeeze-how-price-surges-halted-lme-trading

after the last couple of weeks I'm down to about my last two nickels - that's about the depth of my knowledge about this commodity

this photo is from when I was much weathier

[52-80 19142]

LME halted trading again this morning, but because the price dropped down too quickly, instead of up.

 

This is a fucked up playground.