NIKIEL - NICKEL

ropa, złoto i ziemniaki
slayer74
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Re: NIKIEL - NICKEL

Postautor: slayer74 » 12 lis 2022 19:35

LME will not ban Russian metal from its system

(Reuters) -The London Metal Exchange (LME) said on Friday it will not ban Russian metal from being traded and stored in its system because a significant portion of the market is still planning to buy the country's metal in 2023.

Russia is a major producer of aluminium and nickel. These metals and the companies that produce them have not been targeted by sanctions imposed on some Russian companies after the Kremlin sent troops into Ukraine.

The exchange, the world's oldest and largest market for industrial metals, launched a discussion paper on the subject in October, asking for market opinion on the possibility of banning Russian metal.

"The LME does not propose at this time to prohibit the warranting of new Russian metal nor to impose thresholds or limits to the amount of Russian stock permitted in LME warehouses," the exchange said in a statement.

"While there is evidently an ethical dimension as to the global acceptability of Russian metal, we believe the LME should not seek to take or impose any moral judgements on the broader market."

The exchange said it will continue to monitor the flow of Russian metal in LME warehouses and to provide transparency it will publish regular reports from January 2023 detailing the percentage of warranted Russian metal in LME warehouses.

Some respondents to the LME's request for feedback advised the exchange to be cautious of producer feedback, "given a perceived vested commercial conflict of interest".

U.S-based aluminium producer Alcoa (NYSE:AA) has been publicly vocal for some time, calling for Russian metal to be excluded from being traded and stored on the exchange.

Several other producers have also called for a ban publicly.

However, sources familiar with the matter told Reuters that commodity trader Glencore (OTC:GLNCY) will buy aluminium from Rusal next year and that the Russian producer has already sold 76% of its primary aluminium and value added products for next year.

"The LME will, of course, remain responsive to any sanctions or tariffs imposed by governments, and will communicate with the market should those arise," the exchange said.

The LME admitted that without a ban, it was likely "that additional tonnages of Russian metal will" eventually be delivered into LME approved warehouses, but that there is no evidence to support the thesis that this will create "disorder".

Rusal, the world's largest aluminium producer outside China, supplies the world with around 6% of its needs. Nornickel produced 193,006 tonnes of refined nickel in 2021 or about 7% of global mine production.

https://www.investing.com/news/stock-ma ... em-2942169
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slayer74
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Posty: 44305
Rejestracja: 19 lip 2005 13:21
Lokalizacja: West Poland- FZ 1974

Re: NIKIEL - NICKEL

Postautor: slayer74 » 03 mar 2023 14:15

Obrazek

London Metal Exchange LME faces probe into $4 billion chaos in nickel market
The price spike of 250% last March led to cancelled trades and the first suspension of dealing in decades

The way in which the London Metal Exchange handled a dizzying spike in the price of nickel last year is at the centre of an investigation opened by regulators today.

Controversy surrounded the LME’s decision to cancel trades worth around $4 billion (£3.3 billion) in the industrial metal after the price surged 250% in just 24 hours in March last year. Commodities markets were in chaos as investors reacted to the implications of sanctions against Russia and rising demand after the end of Covid restrictions.

The wild swing was thought to be part of a series of short trades introduced during Asian trading hours, when the number of trades can be lower and have more of an impact on prices.

The LME suspended trading for the first time in decades and then cancelled the trades. Industry figures said the move to ditch the contracts was, in effect, a bailout for major nickel producer Tsingshan Holding Group, although it also came to the rescue of a number of brokers. A series of hedge funds and other financial institutions stood to make millions in profit on the trades.

The Financial Conduct Authority said today that it had “opened an enforcement investigation into some of the LME’s conduct and systems and controls”.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!


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