Remember this? LME promised to investigate when Taongshan last massively manipulated the market with a huge LME draw down in fall 2019 (see link below).
Now this press release re the supply agreement has been coordinated with a massive (10,000 ton) rise in LME inventory in one day - maybe more to come tomorrow.
It upsets me this manipulation continues - I did feel Ni rose too far too fast but it's disappointing to see to what degree strings were being pulled. I also find it it intriguing that each night its Shanghai leading a dramatic drop (down as low as $7.54 this session, $7.80 yesterday) and then a bit of a rise in London. I expect we'll be back $7.80 ish when London opens.
For a good flashback and to help appreciate the shear scale of Tsingshan's influence read this:
https://www.google.ca/amp/s/www.forbes.com/sites/timtreadgold/2019/11/05/revenge-of-the-steel-maker-chinas-internal-tariff-war-turns-nasty/amp/