RE: chinese nickel shorter8 Mar 2022 23:17
Bloomberg says: “Nickel surged to a fresh record on Tuesday -- touching $58,000 a ton -- after jumping as much as 90% the day before in one of the most dramatic one-day moves ever in commodity markets. Prices have been rallying for weeks, as traders worry about the possibility of disruption to supplies from Russia, the largest exporter of refined nickel.
Monday’s squeeze was driven by market participants with short positions being forced to close them out because they couldn’t meet margin calls, brokers and traders said. Bloomberg has previously reported that Chinese entrepreneur Xiang Guangda -- known as “Big Shot” -- had a large short position on the LME through his company, Tsingshan Holding Group Co., the world’s largest nickel and stainless steel producer.”