RE:Ni broke $17k todayMaybe the market is eyeing new US sanctions on Russia? In metals, only Au was a target so far. Even with the Indonesia ramp up and EV slowdown Ni was looking oversold. Heck it still is mainly used in stainless steel and that is a steady albeit slow growth market. Gotta be some short-covering going on. Hedge funds like Citadel, investment banks like GS and JPM with proprietary trading houses, that Chinese Ni baron all must have been very active in this space the last couple of years with all the volatility.
>>>(Bloomberg) -- Citadel’s commodity-trading business made more than $4 billion in 2023, people familiar with the matter said, helping drive profits for one of the world’s largest hedge funds...Commodities is one of five core strategies at Citadel, along with equities, credit and convertibles, quantitative strategies and fixed income and macro. Citadel tops the list of hedge funds that have had the biggest profits since launch, with about $74 billion in net gains, according to estimates by LCH Investments.