Nickel Tycoon Has Power to Cause Further Wild Price Swings March 10, 2022
“Now the Chinese tycoon known as ‘Big Shot’ [Xiang] must decide whether to unwind a wager that risks fueling more dramatic swings in one of the world’s most prized metals.”
“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.”
“Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal …”
“If [Xiang] can weather the current storm, [his company] Tsingshan [Holding Group] – which recorded more than $40 billion in annual revenue over the past two years – should be a prime beneficiary of higher nickel prices as the world’s top producer.”
https://www.bloomberg.com/news/articles/2022-03-10/tycoon-behind-nickel-s-big-short-has-power-to-fuel-more-drama