Sherritt International Corp T.S

$35,150 $15.95

[rkhosla]

Lets see as article says wether we make it through last 3 hrs of trading 

https://www.reuters.com/markets/commodities/lme-nickel-limps-back-tensions-are-not-going-away-2022-03-25/

[Maxmoe]

Frustratingly inept. Is it completely accurate to characterize this guy as some sort of wild rogue speculator determined to destroy the LME? Or is he just trying to use the LME to hedge his future production at high prices? Either way the margin requirements need to be drastically higher for a thin market such as nickel. How is cobalt trade affected by this ?  

[Ernieandbert]

No, I think Tsingshan largely produces nickel pig iron, so not even a deliverable on the LME.  He has been talking up how pig iron might work for batteries for quite some time.  I think he is the sole reason the price of nickel has been suppressed for as long as it has, at least untill now. Remember, S does not sell their Class I Ni on the LME.  They sell to commercial buyers at

[Maxmoe]

Just trying to see the other side of his option trades. I'm trying to fathom why he would just make a huge purely speculative bet on such a thin commodity. Could be he's just a bad trader. There are many oil producers that hedge using wti even though they produce much different grades and delivery points.

[Maxmoe]

If it wasn't for the Cuba factor, sherritt would already be $5 plus or snapped up and gone, hence our opportunity to go with that risk. So long as Venezuela keeps sending oil to Cuba we should be okay otherwise Cuba may have no choice but to screw sherritt again. Or more. A beautiful country to visit, but really tough for business. But again, if that was not the case, sherritt would not have