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Nickel tycoon covered part of his big short position this week
By Jack Farchy and Alfred Cang
Bloomberg News
Thursday, March 24, 2022
The Chinese tycoon whose big short bet on nickel was the focus of an unprecedented short squeeze has covered some of his position, according to people familiar with the matter.
Xiang Guangda, the owner of nickel and stainless-steel giant Tsingshan Holding Group Co., bought contracts on the London Metal Exchange to reduce his short bet as the nickel market briefly unfroze this week, the people said, asking not to be identified as the information wasn’t public.
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The move reduces the potential pain for Xiang and his banks as nickel prices soar once again. Prices on the LME are up more than 30% over the past two days.
However, the businessman and his allies have reduced only a portion of their total short position, and still hold large bets on falling prices, the people said.
The short squeeze has caused mayhem across the metals industry and threatened the future of the LME itself. The nickel price spiked 250% in two days earlier this month as Tsingshan struggled to meet margin calls on its large short position. ...
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