Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. While few observers believed Xiang could reach that level of production, he was confident. Yet the firm's lucrative . The spike was driven in large part by a short squeeze centred on Chinese tycoon Xiang Guangda, who had amassed a big wager that nickel prices would fall through his company Tsingshan Holding Group. Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. It was 5.42 am on March 8 in London when the nickel market broke. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. Activity . Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Stainless steel with nickel content is omnipresent, for example in buildings, bridges and kitchen appliances. The company had a further 120,000 tons or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase & Co. and Standard Chartered Plc. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Save my name, email, and website in this browser for the next time I comment. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Harjavalta nickel smelter in Finland (Credit: Boliden). Xiang isnt just a financial trader making paper bets on price moves. One thing is sure: If Xiang can weather the storm, Tsingshans nickel producing assets stand to benefit from the higher prices, offsetting losses from the short. Still, the LME has weathered numerousscandalsbefore in its 145-year history, from a 1985crisis in the tin marketthat caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $2 billion in losses. (This account of events in the nickel market is based on dozens of interviews with people involved, many of whom requested anonymity because the matters are private.). The two major mining companies in Sudbury are working together to . While investors who sell stocks short want the price to drop, in commodity markets many producers, traders, and users take short positions as a hedge against losses on the physical commodities they hold in inventories. Late Tuesday . Xiang was aware of flaws in his strategy, people familiar with the matter said. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Tsingshan is an excellent Chinese enterprise.. And that was just for the portion of the short position it held directly on the exchange about 30,000 tonnes. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. Cliff Asness, founder of AQR Capital Management, accused the LME, which was for more than a century owned by its members but in 2012 was sold to Hong Kong Exchanges & Clearing, of stealing money from market participants trading in good faith and giving it to Chinese nickel producers and their banks. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, China Warns Hedonistic Bankers to Toe the Communist Party Line. We're taking you for a deep dive into the world of copper - a versatile metal and important component for a low-carbon future. Back Submit. In terms of revenue, the global largest two companies occupy a share . Bloomberg Daybreak Middle East. Nickels price moved sharply higher in the week after Russias invasion. Baar, Switzerland 29 July 2022. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . Born in 1958, Xiang founded his business more than 30 years ago as a workshop making frames for car doors and windows in Wenzhou, eastern China. The company had plans to produce 850,000 tons of nickel in 2022, an increase of 40% in a year, according to a person briefed on them. The production of Glencore Nikkelverk in 2019. The LMEs history dates back to the early 19th century, when metal traders drew a circle in the sawdust on the floor of the Jerusalem Coffee House in the City of London. Glencore is a leading producer and marketer of nickel globally and Wayne has responsibility for the operation of mines and processing facilities in Australia, New Caledonia, Canada and Norway. Chinese tycoon behind nickels big short has power to fuel more drama. He was awakened by a phone call at 5.30am. They had offset their deals with Tsingshan by placing their own short positions on the LME. (Yicai Global) March 9 --The chairman of Tsingshan Holding Group, the worlds second-largest nickel producer, said this weeks sky-rocketing prices of the metal have not impacted the Chinese firms operations or positions in the futures market. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Massive short positions held by Xiangs Tsingshan Holding Group Co., the worlds largest nickel producer, have gone disastrously awry over the past few days. . Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. Nickel. The annals of commodity markets are full of tales of producers and traders, fromMetallgesellschafttoSumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. The Chinese government may also play a role. Worse, the chaos was spreading to other markets: Zinc prices spiked 15 per cent in a few minutes to a record high, only to collapse again. (Bloomberg) -- A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after the metal surged more than 170% in two days, according to people familiar with the matter. For participants in commodities exchanges, a price rally is not necessarily good news. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlain insisted on March 9 that the solvency of the LME itself was never in doubt. Then, as now, a key factor was the intervention of the exchange. There are also traders making plans to abandon the LME nickel contract, a move that would reduce market liquidity, making it harder for everyone from miners to car companies to manage their exposure to prices and access financing. Your password has been changed successfully. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Perhaps what's most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. The LME is now very likely going to die a slow, self-inflicted death through the loss of confidence in it and its products, predicted Thompson in a tweet. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Stephen Engle reports. Then on March 7, nickels price began its parabolic ascent, surging from $30,000 a ton to more than $50,000. Formerly called Companhia Vale do Rio Doce, Vale is a diversified multinational metals and mining company founded in 1942, and headquartered in Rio de Janeiro, Brazil. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. Why bet against nickel when you have a nickel business? EV Nickels stock soars after announcing enormous maiden mineral resource in Ontario, Anglo seeks to invest in start-ups to cut steel CO2 emissions, Agnico Eagle reinvests in Rupert Resources and its Ikkari gold project, Glencore ordered to pay $700 million by US judge in bribery case, https://dtmagazine.com/money724-302022.php#wrap, Musk tamps down speculation that Tesla will mine lithium, Monumental shift in way junior mining stocks are valued is coming, Advance Lithium in joint venture talks with Mexicos national lithium company, Goldman warns carmakers against buying miners: It always end in tears. Mid Term. Toronto, Ontario-- (Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation. Follow the topics, people and companies that matter to you. A Glencore spokesman declined to comment. Our positions and operations dont have any problems, Xiang Guangda, who is also the Wenshou-based companys founder, told Yicai Global yesterday. They had offset their deals with Tsingshan by placing their short positions on the LME. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Your email address will not be published. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. The giant commodity traderGlencore Plcalso had a position on the LME that would benefit from rising prices. Because nickel resists high temperatures, it is used in special steel and superalloys intended for aircraft engines, among other applications. But while the short squeeze has weighed on Tsingshan's . The LME made a near-unprecedented decision. Your email address will not be published. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. 02 March 2023. Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. The total volume mined by Glencore in 2021 fell compared to 2020, in part due to supply chain problems and the closure of some mines. Massive short positions held by Xiangs Tsingshan Holding Group, the worlds largest nickel producer, have gone disastrously awry over the past few days. 3.28% . It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Your email address will not be published. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. Nickels price moved sharply higher in the week after Russias military invasion. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Now they had to pay big margin calls on the exchange while receiving no margin from their client. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. LME brokers and their clients were hit with margin call after margin call. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. He was awakened by a phone call at 5:30 a.m. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Beijing is supportive of him, Xiang told contacts recently. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . Furious investors and traders. It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. Glencore UK Ltd, Izimbiwa Coal (Pty) Ltd, Katanga Mining Limited, Kazzinc Ltd., Koniambo Nickel S.A.S., Magdeburg, Mangoola Coal Operations Pty Limited, McArthur River Mining Pty Ltd, Minera . It traded briefly above $100,000 a ton early on Tuesday. Among them were some of the biggest names on Wall Street. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . Raglan Mine is a large nickel mining complex in the Nunavik region of northern Quebec, Canada.It is located approximately 100 kilometres (62 mi) south of Deception Bay. . Glencore Nickel. Anyone using the LME needs to understand that. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. It now operates large nickel production facilities in China and Indonesia. Not everyone shared his pessimism about prices. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. Its participants are a mix of the industrial metals companies, which tap the market to offset their price risks, and hedge funds, which use it to speculate. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. Once its industrial complex reaches peak p. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. One resolution to the situation may be for Glencore and Xiang to strike a deal to use Glencores long positions to cancel out some of Xiangs short. . Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. The company had plans to produce 850,000 tonnes of nickel in 2022, an increase of 40 per cent in a year, says a person briefed on them. Nicknamed Big Shot in Chinese commodity circles, people who know him say he has absolute confidence in his convictions and doesnt hesitate to bet big on his visions for the future. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. The LME at the end of the day is a physical metal market, he says. Trafigura Group sold cargoes of nickel it now believes may not have contained any of the metal to buyers including a US trade finance firm and a state-owned Jack Farchy on LinkedIn: Trafigura's Non-Existent Nickel Was Bought by a US Firm People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. At current prices, nickel would comprise 12% of Glencore's EBITDA. Neither party seems very keen on this idea, however. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. Many producers, traders, and users of nickel with short positions on the LME were facing margin calls many times larger than they were prepared for. He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. 39 000 MT. Others took to social media. Its unclear whether he will get his way. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Neither party seems very keen on this idea, however. Shanghai's most-traded nickel futures contract . Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. Glencore Chief Executive Officer, Gary Nagle: "Overall production was mixed period-over-period (5 commodities up and 5 down in the table below), reflecting the Ernest Henry (copper/gold) and Bolivia (zinc) portfolio disposals, and geotechnical and processing challenges at Katanga, offset by improved cobalt, nickel and ferrochrome production levels and the . Project manager for transition of Sudbury INO from CAMP to Deswik. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, CEO of trading house Concord Resources. Others took to social media. Nickel in electric vehicle batteries helps deliver higher energy density and longer range for vehicles. Effectively, it rewound the market to the moment when prices closed on Monday at $48,078. The LMEs special committee held another call at about 6am. Born in 1958, Xiang founded his business more than 30 years ago as a workshop making frames for car doors and windows in Wenzhou, eastern China. The metal is found in all our homes as a key ingredient of stainless steel. If it can weather the current storm, Tsingshan which recorded more than $40 billion in annual revenue over the past two years should be a prime beneficiary of higher nickel prices as the worlds top producer. Those past scandals forced reforms on the exchange. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. 1. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Glencore's disclosure follows a forecast earlier this month that there needs to be greater investment in nickel production, even though the short-term picture suggests there will be a glut of the metal. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Its unclear whether he will get his way. Xiang isnt just a financial trader making paper bets on price moves. As Contract Writer / Coordinator, you will be part of the Contract Team, which is a team within the Coal Department. The price was frozen, below the record high but still at $80,000 a ton. Nickel is mainly used in the production of stainless steel because it improves its strength and resistance to corrosion. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. Everything changed when Russia invaded Ukraine. This matters beyond the cozy world of . View analysts price targets for GLEN or view top-rated stocks among Wall Street analysts. The dollar hit a one-week low earlier Wednesday after China's yuan gained. . MINK. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. Its not just a casino.. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($77 billion) last year, paid its margin calls on time. In August 2021, Glencore increased its medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. In turn, the extraction of precious metals by the company in 2021, i.e. Summary. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. It can produce 1.8 million tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 million tons. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. China imported 3.44 million tonnes of NPI/ferro-nickel in 2020, up by 79.89% year on year, while Indonesia's material imports came to 2.73 million tonnes in 2020, up 99.6% from a year earlier, according to China Customs data. But much of Chinas academic and business community did not believe Russia would attack its neighbour. Nickel Rim South Mine. Coal Department. Cobalt. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fuelling more dramatic swings in one of the worlds most prized metals. That could either result in a huge loss for Tsingshan or the sale of a more than 60 percent stake in the companys Indonesian nickel mine and interest in its industrial park in the southeast Asian country, the report said. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlaininsisted to Bloomberg TVon March 9 that the solvency of the LME itself was never in doubt. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. Today, in addition to its electronic market, its one of the last exchanges where brokers still gather in person to yell orders at one another for part of the day. It marked the first major market failure since Russias invasion of Ukraine jolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system within weeks is having ripple effects across the world. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchange under review. Source: LME. However, reports that Beijing is mulling a rescue deal for Tsingshan Holding Group , the company behind nickel's big short . Nickel prices had been rising for weeks, amid fears that supplies from Russia the largest exporter of refined nickel would be disrupted if the countryinvaded Ukraine. For a while, it wasunclear which view of the market would prevail. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank Corp., will take. Remember, when prices move up, traders like Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. Our fundamental responsibility is market stability, he said. Save my name, email, and website in this browser for the next time I comment. . Everything changed when Russia invaded Ukraine on February 24. Our analysis assumes the development of Onaping Deeps with production commencing in 2021 at a capital cost of $750 million. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Glencore has a short interest ratio ("days to cover") of 0.2, which is generally considered an acceptable ratio of short interest to trading volume. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. Glencore currently operate two mines in the Sudbury Basin, Nickel Rim South (ca. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. Chinese nickel heavyweight Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices suddenly exploded higher following Russia 's invasion of Ukraine, The Wall Street . They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. Our fundamental responsibility is market stability, he told Bloomberg TV. Glencore Mine Raglan Feb 2014 - Mar 2018 4 years 2 months. But much of Chinas academic and business community did not believeRussia would attackits neighbor. 4 354 . Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. The company had a further 120,000 tonnes or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase and Standard Chartered. However, Xiang believed the risks to be manageable, the people said, even as anunidentified nickel stockpilercontrolled at least half of the inventories on the exchange. In the meantime, the nickel market is on ice, with traders unable to exit their positions, and many billions of dollars tied up in margin calls. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Now they had to pay big margin calls on the exchange while receiving no margin from their client. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. 2017 - 2018 Yicai Global, Yicai Media Group. Nickel makes steel corrosion-resistant and plays an essential role in our modern world. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. Explore the latest reports and results, including financial results, production reports and our annual report. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. The price move on March 8 created a systemic risk to the market, the LME said two days later. Beijing is supportive of him, Xiang told contacts recently. In theory, any price changes on the futures market should offset price changes in the value of the inventories as long as the traders can meet their margin calls. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. I'll discuss why. Including positions on the London Metal Exchange and bilateral bets with banks, Xiang still has short holdings in the region of 150,000 tonnes, the people said. 2W - 6W. In a squeeze, rising prices put traders betting on a drop in an ever-tougher financial position, forcing them or brokers and banks doing business on their behalf to buy the asset, a trade known as short covering that can drive prices even higher. Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchangeunder review. He went on to pioneer new methods for producing nickel and stainless steel that upended the markets and made his Tsingshan the worlds largest producer of both. Plays an essential role in our modern world tweeted Mark Thompson, a key was!, tweeted Mark Thompson, a former trader at Trafigura and Apollo facilities in China Indonesia! Company paid at least some of its margin calls based on the exchangeabout 30,000 tons 5:42 a.m., screens. Nickel to a record high of more than half of the people.. Have incurred mark-to-market losses of at least some of its margin calls on the LME to step in to,... And kitchen appliances nickel Rim South ( ca is found in all our homes as a economic. 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