愛污传媒

Business

    • China's Tsingshan fires nickel rally as it cuts costly exposure-sources

    Share
    LONDON -

    China's Tsingshan Holding Group bought large amounts of nickel to reduce its short bets on the metal and its exposure to costly margin calls, turbocharging a record rally fuelled by the conflict in Ukraine, three sources familiar with the matter said.

    One of the world's biggest nickel and stainless steel producers, Tsingshan started building a short position -- a wager that prices will fall -- in the nickel market last year.

    Moscow's invasion of Ukraine and the west's moves to sanction Russia, a key major supplier, have electrified an already bullish nickel market. Prices CMNI3 doubled to a record above US$100,000 per tonne in a matter of hours on Tuesday, prompting the London Metal Exchange (LME) to halt trading. It is up nearly 400% so far this year.

    The price moves exacerbated the pressure on holders of big short positions, already facing calls to deposit extra funds with brokers, a practice known in financial markets as margin calls.

    Tsingshan, a privately-held company, and other 'shorts' faced larger margin calls on their short bets after the LME raised the amount of money companies had to deposit with it to cover their exposure to falling nickel prices, the three sources said.

    Tsingshan and the LME declined to comment.

    One of the sources said Tsingshan's bets on lower nickel prices had amounted to around 300,000 tonnes at an average price between $18,000 and $19,000 a tonne. Prices for the metal, used in stainless steel and electric vehicle batteries, were last in that range in December.

    Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure.

    The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. The extra charge kicks in at close of business on Tuesday.

    At $2,250 a tonne, the capital required on 300,000 tonnes of nickel would be $675 million, according to Reuters calculations.

    Late on Monday, the LME also allowed traders to defer delivery obligations on all its main contracts -- including nickel -- an unusual step that underscores the pressure on commodities generally from the moves to isolate Russia economically.

    Prices of oil, gas, wheat and a range of metals, including aluminum and palladium, have soared since the invasion, ramping up costs for companies and consumers and threatening the nascent recovery from the coronavirus pandemic.

    If nickel prices stay lofty it could complicate the energy transition with electric vehicle batteries costing more to produce.

    (Additional reporting by Eric Onstad in London, by the Beijing newsroom and Min Zhang in Beijing; editing by Carmel Crimmins)

    Get in touch

    Are you in Ukraine? Do you have family in Ukraine? Are you or your family affected? Email dotcom@bellmedia.ca.

    • Please include your name, location, and contact information if you are willing to speak to a journalist with 愛污传媒.
    • Your comments may be used in a CTVNews.ca story.

    CTVNews.ca Top Stories

    Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

    Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'

    The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.

    A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.

    A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.

    Canada

    • Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'

    • The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.

    • A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.

    • Melissa Duff-Shore, a Cambridge, Ont. woman who killed her daughter in 2020, has been ordered to a forensic hospital in St. Thomas.

    • Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

    • A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    • A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.

    • What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.

    Sports

    Autos

    • A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.

    • A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.

    Local Spotlight

    Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.

    From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.

    A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.

    The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.

    A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.

    Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north

    What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.

    The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.

    New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.

    • Vancouver police have deployed extra resources in anticipation of multiple protests planned for Oct. 7.

    • We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.

    • A five-year-old girl was taken to hospital after being struck by a pickup truck at an intersection in New Westminster Friday afternoon.

    • Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'

    • Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

    • Toronto Public Health has confirmed two cases of listeria in the city believed to be connected to ready-to-eat deli meat products sold by Summerhill Market.

    • Three Calgary businesses have been ordered to shut down after inspectors discovered evidence of uninspected meat.

    • A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.

    • Alberta Health Services (AHS) says it is taking immediate action to expedite care for patients who had referrals to community health-care providers delayed.

    • The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.

    • Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.

    • Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

    • At least two people are dead and others are injured after a fire ripped through a century-old building in Old Montreal early Friday morning, sources told Noovo Info.

    • The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.

    • A 28-year-old female driver was seriously injured in a three-vehicle collision Friday afternoon in Saint-R茅mi, Mont茅r茅gie, reports the S没ret茅 du Qu茅bec (SQ).

    • A letter from Edmonton's mayor to the Alberta government detailing the city's fiscal wishlist ahead of next year's budget calls for fair treatment for the capital city, something several city councillors say isn't already happening.

    • A new docu-series that reveals what life is like for National Hockey League players on and off the ice during the playoffs is now out.

    • A first-of-its-kind drone delivery system--at the Edmonton International Airport--is expanding.

    • A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.

    • The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.

    • Friday marked the grand opening of 22 new seniors' apartments built from the ground-up on Pitt Street in Sydney Mines, N.S.

    • A new report from Doctors Manitoba is calling for major changes to the way sick notes are issued in Manitoba, saying they are a waste of time for doctors and employers.

    • With winter right around the corner, thousands of feathered friends are flying south. New technology in Assiniboine Park is helping researchers around the world unlock the mysteries of this migration.

    • Manitoba RCMP arrested a man after he allegedly pulled over two women on the highway pretending to be an RCMP officer.

    • A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.

    • A group of climate activists is challenging SaskPower's move towards natural gas, arguing it violates their Charter rights.

    • Regina kids facing mobility issues were gifted toy cars through the Go Baby Go program.

    • Police have laid charges after a car crashed into the side of a Kitchener home early Friday morning.

    • Melissa Duff-Shore, a Cambridge, Ont. woman who killed her daughter in 2020, has been ordered to a forensic hospital in St. Thomas.

    • A Guelph coach has scored touchdown after touchdown in her development of the football program at Bishop Macdonell Catholic High School.

    • The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.

    • A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.

    • Saskatoon police arrested a homeless person at the scene of an encampment underneath the University Bridge on Friday morning.

    • Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

    • Two police officers in Greater Sudbury required medical attention for injuries they received arresting a man for the second time in just two days.

    • Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'

    • The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.

    • Eleven victim impact statements were submitted into court during the proceedings.

    • Middlesex OPP have shuttered a road between Mount Brydges and Komoka today - Amiens Road is currently closed between Glendon Drive and Oriole Drive.

    • A woman whose son died last month while at a Penetanguishene, Ont. beach with another family member wants to see safety increased at the beach.

    • The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.

    • Provincial police are investigating a collision along Highway 400 in Tay Township Friday afternoon.

    • A London, Ont. man, who pleaded guilty earlier this year in a harassment case, has been sentenced to two months in jail for criminal harassment of a Windsor, Ont. family.

    • Hike Metal has added more security since a $20,000 ship propeller was stolen, while Crime Stoppers is still looking for tips on possible suspects

    • The City of Windsor is on the right path to adding much needed housing inventory to the stock, according to city officials.

    • We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.

    • The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.

    • Many British Columbians were shaken awake early Friday morning when an earthquake struck in the Strait of Georgia, about 18 kilometres southwest of Tsawwassen.

    • Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.

    • A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.

    • The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.

    • A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.

    • To enhance inclusivity at Lethbridge Polytechnic, the institution has launched a new accessibility micro-credential.

    • WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.

    • Two teens, ages 14 and 19, have been charged with arson in connection with a July 14 fire in Cat Lake First Nation that destroyed $500,000 in construction materials.

    • A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.

    • A suspect who accused Thunder Bay police of being responsible for his throat injury actually hurt himself when he swallowed a large amount of drugs.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 愛污传媒. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 愛污传媒