Chinese nickel giant Tsingshan rescue from LME

After rapid increasing of nickel price from 7th Mar. LME https://www.lme.com/ announced Nickel remains suspended from trading

Further to Notice 22/053 published on 8 March 2022, the LME has determined (with feedback from market participants) that it is appropriate to temporarily cease to publish Official Prices and Closing Prices for Nickel Contracts for the duration of the trading suspension notified to themarket in Notice.

At the beginning ,Russia’s war against Ukraine triggered a short squeeze on nickel, then Tsingshan get potential risk on the LME market. accompany with two days rapid increasing, the LME nickel raised near 100%. finally Chinese nickel giant Tsingshan secures lifelines from lenders including JPMorgan and China Construction Bank after short on metal goes wrong

Tsingshan has won credit promises from banks including JPMorgan and China Construction Bank, according to people familiar with the matter. also it is reported Chinese authorities directed Tsingshan’s domestic banks to offer more credit lines to the company