Nickel reduces corrosion. The metal has had the opposite effect on the reputation of the London Metal Exchange, owned by Hong Kong Exchanges and Clearing. A report by Oliver Wyman attempts to explain what happened in a spectacular short squeeze last March.
The consultancy sidesteps one crucial element in all the chaos: the decision by the LME to cancel some big purchases of nickel. This helped beleaguered short sellers, apparently including Chinese metals tycoon Xiang Guangda.
The cancellations shook investors’ confidence in the London nickel market as much as unprecedented price swings.
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