#Nickel Tycoon Plans New Plant to Avoid Future #LME Short Squeezes
The tycoon at the center of this year’s nickel crisis is building a new plant for metal that can be delivered on the London Metal Exchange — a move that signals his intention to keep trading on the embattled LME while seeking to avoid being caught out by short squeezes in the future.
Tsingshan Holding Group Co., the giant metals company owned by billionaire Xiang Guangda, is the world’s largest nickel producer. However, the intermediate forms of nickel it produces for the stainless-steel and battery industries can’t be delivered against contracts on the LME, which only accepts refined metal.
Read more at: https://www.bloomberg.com/news/articles/2022-12-19/nickel-tycoon-plans-new-plant-to-avoid-future-lme-short-squeezes?leadSource=uverify%20wall