LME Nickel Price, page-64

If an LME contract is not closed out and is held open until its expiry date then it must be settled by the delivery or receipt of physical metal approved and registered in the
LME warehouse network. The bearer document for this metal is called a “warrant”.

LMEsword is the system which electronically transfers warrant ownership. It assigns warrants from buyers to sellers at random, meaning that buyers cannot choose the particular brand or location for the metal they receive.

Tsingshan still have cards to play, particularly if the rumours about the Chinese government providing access to strategic metal reserves proves to be true.