Xiang Guangda crashes LME world Nickel market

Stealth_Chopper

Stealth_Chopper

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Today Nickel +250% and trading halted.
The Chinese Nickel trader known as "Big Shot" crashed the exchange. :lowbatt:
From the February 2022 mining news:
"On one side is Xiang and several of his Chinese peers, who’ve amassed short positions in nickel derivatives to hedge their production against the risk of falling prices, according to people familiar with the matter. On the other is an unidentified nickel stockpiler who controlled at least half of the inventories on the London Metal Exchange as of Feb. 9."
 
Temporary spikes in nickel unlikely to have significant impact on consumer goods. At least thats what the washington compost says.

https://www.washingtonpost.com/business/energy/five-things-to-know-about-nickels-90percent-price-surge/2022/03/08/97ac6f24-9eaf-11ec-9438-255709b6cddc_story.html?amp;amp
 
Stealth_Chopper said:
....who’ve amassed short positions in nickel derivatives to hedge their production against the risk of falling prices
Click to expand...

That's some very risky high stakes gambling.

It can earn enormous gains or enormous losses depending on how it plays out.

Usually this sort of thing resolves itself as long as no government tries to get involved.
 
"The rising commodity prices of copper, nickel, and zinc have increased the value of the metal in both pennies and nickels so that the content of these coins now exceeds their face value,” the Mint explained. “There is concern that speculators could remove pennies and nickels from circulation, and sell them as scrap for profit.”
 
Nickel trading suspension extended to at least monday.

https://www.marketwatch.com/story/london-nickel-market-freeze-extended-to-sort-out-big-trading-loss-amid-ukraine-war-11646938912?mod=mw_latestnews

Stealth_Chopper said:
"The rising commodity prices of copper, nickel, and zinc have increased the value of the metal in both pennies and nickels so that the content of these coins now exceeds their face value,” the Mint explained. “There is concern that speculators could remove pennies and nickels from circulation, and sell them as scrap for profit.”
Click to expand...

Theres not much nickel in a nickel. But anyone that wants to melt down old pennies can easily do so. Got a source for that quote?
 
looks like the usmint.gov site has at least part of it (didn't read beyond the search results) but it says it's from 2007
https://www.google.com/search?q=The+rising+commodity+prices+of+copper%2C+nickel%2C+and+zinc+have+increased+the+value+of+the+metal+in+both+pennies+and+nickels+so+that+the+content+of+these

So I don't see how it is news, or if it even applies 15 years later?

The very same quote from 2007 is used on some CNBC story from 2011 as if it was news then, too.
 
Wapo agendas?
WUT if the metals markets " break ":.
It's another excuse to seize government metal within the dirty US cash 🏧spread worldwide by *not me* and declare emergency Crypto by fiat. Cash is criminal 'noun?
 
Well that was interesting.

https://oilprice.com/Metals/Commodities/Nickel-Prices-Finally-Fall-Following-Historic-Short-Squeeze.html

1648747002-o_1fvgflcqp1rjn1h3r1ot41lq7elq8.webp
 
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