$37,235: Outsized Nickel Short Continues to Plague Market March 24, 2022
(Reuters) Efforts by major Chinese nickel producer Tsingshan Holding Group to reduce its short positions spurred LME nickel prices to rocket …”
(Bloomberg) -- “Nickel surged by the 15% exchange limit for a second day in London, putting the spotlight back on bearish position holders just two weeks since the market was roiled by an historic short squeeze.
Nickel futures remained locked at the price limit by late morning on the London Metal Exchange, as the latest spike extends a period of unprecedented turmoil for the market.”
“Tsingshan struck a deal with its banks to avoid further margin calls, allowing the market to reopen last week, and said it would reduce its short position in the future. But the sharp two-day jump will be piling pressure on its banks and brokers who have to make margin calls of their own to cover short positions on the LME when prices rise.
‘Ultimately the short position is still out there, and they will have to close it out,’ Michael Widmer, head of metals research at Bank of America Corp., said by phone from London. Sharp daily price moves are likely to continue ‘at least until the short position is out of the market.’”
https://finance.yahoo.com/news/nickel-reignites-blistering-rally-prices-081310801.html
https://www.reuters.com/world/china/lme-benchmark-nickel-jumps-15-hits-price-limit-thin-market-2022-03-24/
https://www.benzinga.com/news/22/03/26272208/nickel-turmoil-saga-continues-with-another-15-limit-up-spike-on-lme-bloomberg