RE: Nickel price slumps as global production soars25 Mar 2023 09:49
Tornadotony
"I should warn folks that China sponsors some media........"
I think its a lot more that just media manipulation. Tsingshan are, to all intents and purposes, nothing more than an extension of the CCP. They do the CCP's bidding, are backed by the CCP and all organs of the State (political and financial). The CCP has the specific objective of not only cornering the supply of critical minerals/metals but to move into and dominate various industries.
The most effective way to move into an existing mature market? During a paradigm shift which is what we are seeing right now in the car industry. A lot of the OEM's, European in particular, are waking up late to that fact.
Xiang Guangda wouldn't have placed his massive short on nickel without the knowledge and blessing of the CCP. The CCP were only too willing to offer to cover his short when the nickel market went side ways just over 12 months ago. They couldn't let their favourite son take a kicking, neither could the Chinese owned LME.
When governments start to muck about with the markets it usually ends in tears.
TDT