Let's be clear on why Tuesday's drop happened. It has nothing to do with profit taking.
Xiang Guangda, who controls Tsingshan Holding Group, built a massive short position in nickel futures. He is facing billions of dollars in mark-to-market losses after the short squeeze (surging more than 170% past two days). In summary, they've not been able to meet their margin calls, and obviously this impacts Nickel Mines because of their exposure to this tycoon's company.
The LME might stay closed for longer than a day while this mess is sorted out.
https://www.bloomberg.com/news/articles/2022-03-08/chinese-tycoon-behind-big-nickel-short-faces-billions-in-losses
Let's be clear on why Tuesday's drop happened. It has nothing to...
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Last
83.0¢ |
Change
0.005(0.61%) |
Mkt cap ! $3.557B | |||
| Open | High | Low | Value | Volume |
| 84.0¢ | 84.5¢ | 82.5¢ | $5.094M | 6.114M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 68103 | 83.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 83.5¢ | 157856 | 7 |
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| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| NIC (ASX) Chart |