Ann: Ceasing to be a substantial holder, page-53

Good afternoon,

Traders can roll over their near term future contract to longer period if margin requirement is met. Although extra fees and interest are payable.

Putting 150kt physical stocks into LME would not automatically close the short position. Tsingshan will instead get same amount of LME Warrant that hedge against their position. That means they are no longer naked shorters (shorting without actually goods).

As mentioned in Financial Times report, Tsingshan swap their nickel matte (75% Ni Content) for nickel plate (99% Ni Content) in the State Reserve. So they actually lost the potential raise of Ni profit but not the cash at bank.

Agreed that Tsingshan has done a stupid thing but it should not affect NIC in my honest opinion.