Nickel Breaks US$37,000, page-43

Nickel Halted Limit Up Again As Chinese Tycoon Begins Covering Giant Short, Sparking Fears Of Another Mega Squeeze

On March 10, Bloomberg reported that Xiang told his banks that he didn’t want reduce his short position; that clear lie - which removed the possibility of a squeeze - helped send the nickel price sharply lower since then, falling as low as $26,675 a ton this week, compared with $48,078 a ton on March 7 -- the last price that the LME allowed to stand when it closed the market. Clearly, Xiang was lying, and has been quietly seeking to cover at least some of his short.

Tsingshan and its peers have covered tens of thousands of tons of their short positions, one of the people said. Xiang had short holdings of over 150,000 tons when the market was halted on March 8, and his business and trading partners held additional large short positions on top of that - Bloomberg


Looks like another short squeeze coming interesting reading:
Nickel Halted Limit Up Again As Chinese Tycoon Begins Covering Giant Short, Sparking Fears Of Another Mega Squeeze | ZeroHedge