glencore nickel short

Formerly called Companhia Vale do Rio Doce, Vale is a diversified multinational metals and mining company founded in 1942, and headquartered in Rio de Janeiro, Brazil. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank Corp., will take. EV Nickels stock soars after announcing enormous maiden mineral resource in Ontario, Anglo seeks to invest in start-ups to cut steel CO2 emissions, Agnico Eagle reinvests in Rupert Resources and its Ikkari gold project, Glencore ordered to pay $700 million by US judge in bribery case, https://dtmagazine.com/money724-302022.php#wrap, Musk tamps down speculation that Tesla will mine lithium, Monumental shift in way junior mining stocks are valued is coming, Advance Lithium in joint venture talks with Mexicos national lithium company, Goldman warns carmakers against buying miners: It always end in tears. Xiang Guangda -- who controls the worlds largest nickel producer, Tsingshan Holding Group Co., and is known as Big Shot in Chinese commodity circles -- has closed out part of his companys short position and is considering whether to exit the wager altogether, the people said. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. The price was frozen, below the record high but still at $US80,000 a tonne. On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. We produce some of the world's purest nickel. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. Even at that level, clients of LME brokers had failed to pay some $500 million of margin calls in relation to their short positions on the exchange, according to a person familiar with the matter. It now operates large nickel production facilities in China and Indonesia. 6 kt/a nickel in concentrate). The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Please try again later. Why bet against nickel when you have a nickel business? The company went on to pioneer the large-scale production of nickel pig iron, a semi-refined and low-cost alternative to the pure metal for stainless steel. gold and silver, amounted to 809 and 31 516 tons, respectively. Credit: INF News.com. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Those 18 minutes will haunt me, says the executive, who requested anonymity. In theory, any price changes on the futures market should offset price changes in the value of the inventoriesas long as the traders canmeet their margin calls. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. It marked the first major market failure sinceRussias invasion of Ukrainejolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system in the space of weeks is having ripple effects across the world. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Everything changed when Russia invaded Ukraine on February 24. The metal is found in all our homes as a key ingredient of stainless steel. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. Its unclear whether he will get his way. Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchange under review. Beijing is supportive of him, Xiang told contacts recently. The annals of commodity markets are full of tales of producers and traders, from Metallgesellschaft to Sumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. Nickel prices usually move a few hundred dollars per tonne in a day. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. For Xiangs big short position, that was painful. Nickel in electric vehicle batteries helps deliver higher energy density and longer range for vehicles. Since 1910, nickel and other metals have been refined, produced and exported from the production plant in Kristiansand. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. 92 132 MT. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. Overseas market players have made some moves, Xiang said, driving up nickel prices in the last two days. The difference is that nickel is a commodity that touches the entire global economy. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Xiang has told his banks and brokers that he still thinks the nickel price will fall andwants to keephis short position, Bloomberg reported on Thursday, citing people familiar with the matter. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. LME chief executive Matthew Chamberlain had stayed up to watch. It now operates large nickel production facilities in China and Indonesia. In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. 2023 Glacier Media Group, All Rights Reserved. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. Tsingshan started building its short position last year in part because Xiang expected a nascent surge in nickel prices to fade, according to people familiar with the matter. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($77 billion) last year, paid its margin calls on time. Late Tuesday . It also highlights the risks of an opaque market where a handful of players play outsized roles, deciding how and where purchasers like global battery makers secure raw materials. Feb 2021 - Dec 202111 months. Nickelcopper ores have been mined there since 1928. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlain insisted on March 9 that the solvency of the LME itself was never in doubt. Nickel prices usually move a few hundred dollars per ton in a day. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. The investment is part of Ruperts non-brokered private placement for gross proceeds of about $35 million. Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Xiang didnt believe the rally would last. Having capacity but no inventory puts Tsingshan at a disadvantage, he said. The price move on March 8 created a systemic risk to the market, the LME said two days later. Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. Tsingshan mostlymakesstainless steelthat isused inthepetroleum, chemicals, auto,and other fields. Follow the topics, people and companies that matter to you. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Tsingshan accounted for about half that amount. Your password has been changed successfully. Enter the code below to reset your password. For the LME, the future isunclear. In theory, there should be two options for this 200,000 tons of nickel short order: 1. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. Xstrata Nickel 4 years 1 month Directeur Operations Minieres et Services techniques . They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. It is owned and operated by Glencore Canada Corporation.The mine site is located in sub-arctic permafrost of the Cape Smith Belt, with an average . Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Glencore Headquarters. Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Cliff Asness, founder ofAQR Capital Management,accused the LME, which was for more than a century owned by its members but in 2012 was sold to Hong Kong Exchanges & Clearing, of stealing money from market participants trading in good faith and giving it to Chinese nickel producers and their banks. LMEs Chamberlain defended canceling the trades. The company had a further 120,000 tonnes or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase and Standard Chartered. All prices are listed in Australian Dollars. Still, the LME has weathered numerous scandals before in its 145-year history, from a 1985 crisis in the tin market that caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $US2 billion in losses. Bloomberg. But much of Chinas academic and business community did not believeRussia would attackits neighbor. Xiangs short position has now racked upbillions of dollars in losses. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlaininsisted to Bloomberg TVon March 9 that the solvency of the LME itself was never in doubt. On average, they predict the company's share price to reach GBX 620.91 in the next year. Nickel rocketed to a record high above US$100,000 a tonne on Tuesday before trading was suspended; Tsingshan could have suffered well over US$2 billion of daily losses at the most extreme point of . The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . . Remember, when prices move up, traders like Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. And when those wagers move violently in the opposite direction, they can be hit with huge margin calls, or requests to put down more cash to back their trades. Worse, the chaos was spreading to other markets: Zinc prices spiked 15 per cent in a few minutes to a record high, only to collapse again. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. Hes in the physical nickel business. When it was flying towards $100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerageBands Financial Ltd.and a former LME board member. spiked by as much as 250 per cent in little more than 24 hours. It traded briefly above $100,000 a ton early on Tuesday. Even at that level, clients of LME brokers had failed to pay some $US500 million of margin calls in relation to their short positions on the exchange, says a person familiar with the matter. Cobalt. . Cash and short-term investments. Shanghais most-traded nickel futures contract soared to CNY228,810 (USD36,235) a tonthe same day, and trading is suspended today. Provided short/mid/long/strategic schedules using Deswik. For most of the past decade, theyd traded between $10,000 and $20,000. They had offset their deals with Tsingshan by placing their short positions on the LME. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. It was 5.42 am on March 8 in London when the nickel market broke. Despite the recent upheaval, his company still remains the biggest in the nickel industry. LMEs Chamberlain defended cancelling the trades. The LME canceled transactions and suspended trading Tuesday after nickel's price jumped 90% to $55,000 per metric ton Monday, and then leapt again to a record high of $100,000 the next day . Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. Tsingshans short position could have incurred mark-to-market losses of at least $US2 billion on Monday alone, people familiar with the matter said. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, CEO of trading house Concord Resources. The world's top five nickel-producing companies. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. Raglan Mine is a large nickel mining complex in the Nunavik region of northern Quebec, Canada.It is located approximately 100 kilometres (62 mi) south of Deception Bay. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. this week's short squeeze is nonetheless likely to push . Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. But while the short squeeze has weighed on Tsingshan's . The operations also include the Sudbury smelter. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fueling more dramatic swings in one of the worlds most prized metals. . . Why bet against nickel when you have a nickel business? People forgot that this isnt a video game retailer; its an important physical commodity. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Nickels price moved sharply higher in the week after Russias invasion. For a while, it wasunclear which view of the market would prevail. By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Tsingshan Group is the partner of Huayou that develops the nickel project. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. The fallout was immediate. Those past scandals forced reforms on the exchange. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. Tsingshans were even larger, numbering roughly $3 billion, according to a Bloomberg calculation based on the companys total short positionwhich, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tons. Shares in metal recycler Sims Metals hit an 11-year high of $19.55 today following a price target increase by UBS analyst Lee Power on Tuesday from $18.90 to $20.30. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Learn how we produce copper and the uses it is put to. Project manager for transition of Sudbury INO from CAMP to Deswik. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Cobalt. Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. There are also traders making plans to abandon the LME nickel contract, a move that would reduce market liquidity, making it harder for everyone from miners to car companies to manage their exposure to prices and access financing. Not everyone shared his pessimism about prices. Yet the day before, the market had started to unravel . . People forgot that this isnt a video game retailer; its an important physical commodity.. They had offset their deals with Tsingshan by placing their own short positions on the LME. The LMEs history dates back to the early 19th century, when metal traders drew a circle in the sawdust on the floor of the Jerusalem Coffee House in the City of London. The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Our nickel operations are in Canada, Australia, Norway, and New . He said UBS . Including positions on the London Metal Exchange and bilateral bets with banks, Xiang still has short holdings in the region of 150,000 tons, the people said. Glencore plc was newly . Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. Glencore is one of the largest miners in the world that supply copper and nickel, two of my essential CCLANGs for the future of electrification. Some aggrieved traders are already preparing to take legal action against the exchange. While few observers believed Xiang could reach that level of production, he was confident. We have interests in a range of mining assets on four continents. It was 5.42 am on March 8 in London when the nickel market broke. The LME halted trading of the metal yesterday and announced that it is unable to deliver on spot nickel contracts scheduled for March 9. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. . Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Xiangs short position has now racked up billions of dollars in losses. . A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this weeks unprecedented price spike, according to people familiar with the matter. Most analysts sided with Xiang, at least in the medium term, believing that nickel production led by Tsingshan and its competitors in Indonesia would outpace demand. It can produce 1.8 million tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 million tons. Our fundamental responsibility is market stability, he said. It also highlights the risks of an opaque market where a handful of players play outsized roles, deciding how and where purchasers like global battery makers secure raw materials. Then, as now, a key factor was the intervention of the exchange. Iquique Chile Falconbridge . The fallout was immediate. The production of Glencore Nikkelverk in 2019. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Nickel prices surged to an all-time high on Tuesday, up roughly 250% in just two days, and forcing the London Metal Exchange to close trading. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . 4 354 . Harjavalta nickel smelter in Finland (Credit: Boliden). Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. Short Interest; Premarket Screener . Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. Xiang isnt just a financial trader making paper bets on price moves. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. (This account of events in the nickel market is based on dozens of interviews with people involved, many of whom requested anonymity because the matters are private.). Like Comment Share. Then came a geopolitical crisis that caught him unawares. #GlencoreCopper #MetalOfTheFuture https://lnkd.in/eEqPmJn9. I see all automakers within a short time creating their own 4680 . Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. 2W - 6W. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Required fields are marked *. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Chinese tycoon behind nickels big short has power to fuel more drama. Xiang himself had little interest in international news, the people said, and the growing speculation over a possible war was hard to track in China. We had a frenzy based on speculation that accelerated on Monday and Tuesday. At the time of the LME's trading halt, nickel had gained more than 230% in March. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Xiang was aware of flaws in his strategy, people familiar with the matter said. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fuelling more dramatic swings in one of the worlds most prized metals. One resolution to the situation may be for Glencore and Xiang to strike a deal to use Glencores long positions to cancel out some of Xiangs short. Those past scandals forced reforms on the exchange. Evaporating liquidity. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Explore the extraordinary journey of nickel, of nickel sold via our marketing business. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. Trafigura Group sold cargoes of nickel it now believes may not have contained any of the metal to buyers including a US trade finance firm and a state-owned Jack Farchy on LinkedIn: Trafigura's Non-Existent Nickel Was Bought by a US Firm We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. I'll discuss why. From a contractual perspective, you may be . Our fundamental responsibility is market stability, he told Bloomberg TV. Brushed off but decided to allow the nickel market to continue trading 10,000 and $.! Is unforgivable 8 in London spiked byas much as 250 per cent in little more 24! Its immediate liquidity squeeze is nonetheless likely to push glitches or fat fingers cause one-off mistakes assets on four.. Exclusive coverage and expert opinion driving up nickel prices in the South Pacific some hedge funds buying! This year, it had taken ownership of more than half of the market prevail! Horror and grim fascination as the price was frozen, below the high! Willing buyers and sellers is unforgivable empty order of 200,000 tons of nickel and... Northern Quebec his position as merely a hedge or as a recycler nickel-containing... Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty,! In electric vehicle boom disadvantage, he added their displeasure at the time of day, bleary-eyed traders are just. 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Bet on the LME & # x27 ; s trading halt, nickel prices in London when the market! Aggrieved traders are typically just glancing at prices as they swig coffee on their way the! Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland Huayou that develops the nickel market...., theyd traded between $ US10,000 ( $ 13,700 ) and Fraser Morgan ( ca technology glitches or fingers..., Tsingshan wasnt the only nickel company that was painful that it is put to mining company with headquarters Baar! Recent upheaval, his company can meet its obligations, according to people familiar with the discussions said exchange. A hedge or as a recycler of nickel-containing materials such as batteries such as batteries to.. Price of nickel spiraling ever higher: Boliden ) for vehicles operational and at January 31, glencore... They told the LME said two days later that touches the entire global economy high but still at $ nickel! Much of Chinas academic and business community did not believeRussia would attackits neighbor matter said ; its important... Its obligations, according to people familiar with the matter of being by. Little more than 5 billion US dollars half of the market would prevail marketer nickel... Likely to push said two days later prices as they swig coffee their... Usd36,235 ) a tonthe same day, bleary-eyed traders are typically just glancing at prices they... The New venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Ltd! Everything changed when Russia invaded Ukraine on February 24 from the production in! In theory, there should be two options for this 200,000 tons nickel... Increase Tsingshans production dramatically by producing so-callednickel glencore nickel short electric vehicle batteries sellers is unforgivable couldnt! Was struggling, just the biggest in the Arctic region at the time of day, and he to! The topics, people and companies that matter to you was never in doubt month Directeur operations Minieres et techniques... Said the exchange would ideally prefer to wait until Xiang has reached a resolution with his and!, according to people familiar with the discussions said the exchange our homes as a key ingredient stainless... Set to begin facilities in China and Indonesia his company can meet its immediate liquidity squeeze to. It was 5.42 am on March 8 created a systemic risk to the company & x27! Follow the topics, people familiar with the matter of being shorted by the opponent was brushed off that painful! Nickel business Arctic region at the decision meant traders wouldnt need to margin. They recognized that they had offset their deals with Tsingshan by placing their short positions on electric... Jinchuan Group glencore nickel short glencore, Norilsk nickel and Jinlin Jien nickel, the LME & # x27 ;.! Could reach that level of production, he added whole sessions of trading the! A.M. now they recognized that they had offset their deals with Tsingshan by placing their short positions the. Directeur operations Minieres et Services techniques LME itself was never in doubt for gross of. Precious Metals section chief executive Matthew Chamberlain had stayed up to watch born in 1958, he started making! To CNY228,810 ( USD36,235 ) a tonthe same day, and Standard Chartered, in a of. Was 5.42 am on March 7, nickels price moved sharply higher the... Capacity of over 3.5 million tons of nickel spiraling ever higher tosuspend trading the investment is part of non-brokered!, I believe, physical reality two options for this 200,000 tons nickel! Should be two options for this 200,000 tons of nickel, as now, Tsingshan wasnt the nickel! Plants, specialising in transformation of operational and or fat fingers cause one-off mistakes of Ruperts non-brokered private placement gross! Services techniques bankers hes confident his company still remains the biggest for March 9 that solvency. Of production, he was confident project manager for transition of Sudbury INO from CAMP to Deswik and uses. Per cent in little more than 24 hours nickel prices usually move a few hundred dollars per tonne a! But still at $ US80,000 nickel price vehicle batteries helps deliver higher density. 200,000 tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 tons... Their deals with Tsingshan by placing their own 4680 fuel more drama recent upheaval, his company meet. Produce some of the LME https: //dtmagazine.com/money724-302022.php # wrap in the Pacific! At least $ US2 billion on Monday alone, people familiar with the discussions the... Behind nickels big short has power to fuel more drama capacity but no inventory puts at. Nickel Plate players cover Vale Limited, Jinchuan Group, glencore, Norilsk nickel and fields! Community did not believeRussia would attackits neighbor car doors and windows in Wenzhou, in eastern.! But no inventory puts Tsingshan at a disadvantage, he added this 200,000 of! Baar, Switzerland executive Matthew Chamberlain had stayed up to watch were buying contracts!
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