I have the opposite perspective. The tsingshan guy has it right in my mind. The nickel price has been squeezed, he knows the rkef lines his company owns are in the process of conversion and he will be able to control the price essentially by adding a large additional supply into the market whenever he wants. If he adds too much the price will collapse. This of course doesn't matter as much since the margin for the rkef lines is fairly stable due to the nature of the ore supply in indonesia. However in his position why not hedge it now and make that extra margin then just deliver physical on the contracts. Especially when he knows both China and the lme have his back as they will always back the producer over the traders. I think time will prove he wins financially from the short position.
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I have the opposite perspective. The tsingshan guy has it right...
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