jinchuan naked shorts in nickel

Hi everyone,

I have expected this all along and now here we have the confirmation.

The Chinese are trying everything to keep a lid on the rising Nickel price but to no avail and are paying dearly for it.

This will only mean that we can expect probably even higher nickel prices in the future.

jojo




Quote from Dow Jones article - Confirmation to Metal Bulletin report on Thursday - "Recent deliveries into LME warehouses in Asia is by China's Jinchuan Group Ltd. against a nickel short position. But traders said this is natural, given the requirements of Chinese accounting. "If Jinchuan has sold material to the LME and the market is above it, it has to deliver it because it can't have a difference account," one physical trader said. He noted Jinchuan is a major nickel producer and a short position would be covered by its own output. "It's the naked shorts that have been caught out," he added.""