My initial thinking was that if the largest nickel producer in the world got caught short that they could just deliver the metal.
My understanding is that Tsingshan Holdings had a supersized short position on nickel, got a margin call and didn't have the wherewithall to deliver.
They were short to the tune of something like 300,000 tonnes.
I can't find how much Tsingshan Holdings' subsidiaries produce, but China as a whole produced 110,000 tonnes in 2019.
As a very rough estimate NST would have to be short tens of millions of ounces to be in that position.
Oddly enough, NST management is not batshit crazy
My initial thinking was that if the largest nickel producer in...
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