Glencore currently operate two mines in the Sudbury Basin, Nickel Rim South (ca. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who hadamassed a big wagerthat nickel prices would fall through his companyTsingshan Holding Group Co.On Monday, a week after trading had been suspended, Xiang wasclose to securing a loan facilityfrom JPMorgan Chase & Co. and other banks that would allow him to maintain his short position and could lead to the market reopening. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. The latest price was A$0.04 (25-minute delay). 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 . The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop that gripped retail investors for much of last year. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. Many producers, traders, and users of nickel with short positions on the LME were facing margin calls many times larger than they were prepared for. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. 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. 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. Nickel is mainly used in the production of stainless steel because it improves its strength and resistance to corrosion. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Things seemed calm at first: Prices were hovering around $50,000 a ton, and he went to bed. The dollar hit a one-week low earlier Wednesday after China's yuan gained. China's manufacturing purchasing managers' index (PMI) climbed to 52.6 last month, the highest reading since April 2012. It was 5:42 a.m. on March 8 in London when the nickel market broke. The total volume mined by Glencore in 2021 fell compared to 2020, in part due to supply chain problems and the closure of some mines. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. Glencore is a leading producer and marketer of nickel globally and Wayne has responsibility for the operation of mines and processing facilities in Australia, New Caledonia, Canada and Norway. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. But the effects of the short squeeze are likely to be felt in other ways. The Chinese government may also play a role. this week's short squeeze is nonetheless likely to push . Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Production 2019. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. Still, the LME has weathered numerousscandalsbefore in its 145-year history, from a 1985crisis in the tin marketthat caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $2 billion in losses. Several large brokers got margin calls of close to $1 billion each over the course of the day. The LME suspended nickel-market trading on Tuesday and the Shanghai Futures Exchangefollowed suita day later, after prices on Chinas top commodities bourse hit their daily upward limit. The Murrin Murrin Mine is a major nickel-cobalt mining operation being conducted in the North Eastern Goldfields, approximately 45 km east of Leonora, Western Australia.The project was initiated as a joint venture between Murrin Murrin Holdings Pty Ltd, a wholly owned subsidiary of Anaconda Nickel Limited (whose share was 60%) and Glenmurrin Pty Ltd, a wholly owned subsidiary of Glencore . Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Feb 2021 - Dec 202111 months. 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. Glencore UK Ltd, Izimbiwa Coal (Pty) Ltd, Katanga Mining Limited, Kazzinc Ltd., Koniambo Nickel S.A.S., Magdeburg, Mangoola Coal Operations Pty Limited, McArthur River Mining Pty Ltd, Minera . 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. Shanghais most-traded nickel futures contract soared to CNY228,810 (USD36,235) a tonthe same day, and trading is suspended today. Like Comment Share. Glencore Nikkelverk AS has a modern and complex processing system. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. 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. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. Supervised survey and mine scheduling groups. Already at an all-time high by 5.42am, it lurched higher in leaps, soaring $US30,000 in a matter of minutes. 485,996 followers. Some market rumors are circulating that Glencore might squeeze Tsingshan on LME Nickel for its 60% stake in a nickel mine in Indonesia. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. The world's top five nickel-producing companies. While Russias nickel exports havent been targeted by sanctions, US and European buyers have nonetheless sought alternatives to Russian sources. The head of one London metals brokerage recalls feeling sick as he watched the moves, realizing what the spike in prices would mean for his company, the market, and the global metals industry. Everything changed when Russia invaded Ukraine on February 24. Neither party seems very keen on this idea, however. Learn how we produce copper and the uses it is put to. Nickel Rim South Mine. Perth, Western Australia, Australia. Nickel prices, however, has been moving in an uptrend for a long time. 1w. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, China Warns Hedonistic Bankers to Toe the Communist Party Line. Sulphuric acid. Nickel is also used in certain types of steel which lower magnetic properties. Nickels 250% price spike in little more than 24 hours plunged the industry into chaos, triggering billions of dollars in losses for traders who bet the wrong way and leading theLondon Metal Exchangeto suspend trading for the first time in three decades. 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. Others in the market may also push up prices in anticipation of that short covering. During the fiscal year 2021, the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric tons. Copper. Bloomberg. Glencore Nickel. 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. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. 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. . Now they had to pay big margin calls on the exchange while receiving no margin from their client. Born in 1958, Xiang founded his business more than 30 years ago as a workshop making frames for car doors and windows in Wenzhou, eastern China. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. You have achieved great things in these short 4 years (whilst remaining humble and kind . Share. Late Tuesday . Then on March 7, nickels price began its parabolic ascent, surging from $30,000 a ton to more than $50,000. Enter the code below to reset your password. Some think this could herald the end of the exchange itself. Their GLEN share price forecasts range from GBX 540 to GBX 740. Rio Tinto, the world's second-largest mining company by market capitalization, last week said it would lift annual capital investment to as much as $10 billion in 2024 and 2025, up around 25% on . 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. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. Xiang has told his banks and brokers that he still thinks the nickel price will fall and wants to keep his short position, Bloomberg reported on Thursday, citing people familiar with the matter. One thing is sure: If Xiang can weather the storm, Tsingshans nickel producing assets stand to benefit from the higher prices, offsetting losses from the short. Summary. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . The LME made a near-unprecedented decision. From a contractual perspective, you may be . Glencore Nickel. MMC Norilsk Nickel Recent Development 11.3 Glencore 11.3.1 Glencore Company Detail 11.3.2 Glencore Business Overview 11.3.3 Glencore Nickel Mining . (via NewsDirect) Helix Resources Ltd (ASX:HLX) MD Mike Rosenstreich tells Proactive the company is ready to spin out its nickel and cobalt interests in the prolific Cobar Basin of NSW into a special-purpose vehicle aimed at maximising value for shareholders. Nicknamed Big Shot in Chinese commodity circles, people who know him say he has absolute confidence in his convictions and doesnt hesitate to bet big on his visions for the future. Tsingshan mostlymakesstainless steelthat isused inthepetroleum, chemicals, auto,and other fields. Traders and brokers on the open outcry pit at the London Metal Exchange. Remember, when prices move up, traders such as Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. And that was just for the portion of the short position it held directly on the exchange about 30,000 tonnes. 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. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. Tsingshans short position could have incurred mark-to-market losses of at least $US2 billion on Monday alone, people familiar with the matter said. 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. 21 962. 92 000 MT. For participants in commodities exchanges, a price rally is not necessarily good news. It traded briefly above $100,000 a ton early on Tuesday. Provided short/mid/long/strategic schedules using Deswik. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. Our analysis assumes the development of Onaping Deeps with production commencing in 2021 at a capital cost of $750 million. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Iquique Chile Falconbridge . Nickel makes steel corrosion-resistant and plays an essential role in our modern world. A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week's unprecedented price spike, according to people . Hes in the physical nickel business. Among them were some of the biggest names on Wall Street. Beijing is supportive of him, Xiang told contacts recently. . 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 Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. The price move on March 8 created a systemic risk to the market, the LME said two days later. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. When Norilsk Nickel left the Western markets, Glencore became its main substitute for nonferrous metals. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. Vale - 208,000 metric tonnes. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. When prices rose above $US20,000 he would consider shorting nickel, the people said, because his production costs in Indonesia were as low as $US10,000 a tonne. Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. In a squeeze, rising prices put traders betting on a drop in an ever-tougher financial position, forcing them or brokers and banks doing business on their behalf to buy the asset, a trade known as short covering that can drive prices even higher. Glencore. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. He went on to pioneer new methods for producing nickel and stainless steel that upended the markets and made his Tsingshan the worlds largest producer of both. 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. The LME at the end of the day is a physical metal market, he says. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Your password has been changed successfully. , Mar 23, 2022. By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. Activity . Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . Perhaps what's most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. At current prices, nickel would comprise 12% of Glencore's EBITDA. He said UBS . In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. Tsingshan needs to increase the contract margins or roll over the futures if it decides to keep the contracts, which would require a huge amount of cash, an analyst told Yicai Global. Coal Department. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. 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. Credit: INF News.com. On average, they predict the company's share price to reach GBX 620.91 in the next year. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Discovery of the deposits is credited to Murray Edmund Watts in 1931 or 1932. Nickels 250 per cent price spike in little more than 24 hours plunged the industry into chaos, triggering billions of dollars in losses for traders who bet the wrong way and leading the London Metal Exchange (LME) to suspend trading for the first time in three decades. 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. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. . Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. Xiangs short position has now racked up billions of dollars in losses. That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. Required fields are marked *. Senior Mine Engineer. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . In theory, any price changes on the futures market should offset price changes in the value of the inventories as long as the traders can meet their margin calls. Ever higher Chinese government departments and leaders, he believed, would be a fall in its price margin of. 1958, he says or 1932 futures helped trigger one of the biggest a nickel-copper operation located the... Glencore is a large-scale integrated ferronickel mining and processing complex resistance to corrosion way to the office as. 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