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Looks like the U.S. government also wanted nickel shorted
JPMorgan being pretty much the U.S. government.
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JPMorgan Is Biggest Counterparty for Nickel Tycoon's Short Bets
By Jack Farchy and Alfred Cang
Friday, March 11, 2022
JPMorgan Chase & Co. is the largest counterparty to the nickel trades of the Chinese tycoon caught in an unprecedented short squeeze, putting the bank at the center of one of the most dramatic moments in metals market history.
About 50,000 tons of Xiang Guangda's total nickel short position of over 150,000 tons is held through an over-the-counter position with JPMorgan, according to people familiar with the matter.
Based on that figure, the tycoon's company, Tsingshan Holding Group Co., would have owed JPMorgan about $1 billion in margin on Monday. The nickel producer has been struggling to pay margin calls to its banks and brokers, Bloomberg reported this week. ...
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