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  4. Elliott Sues LME for $456 Million Over Nickel Fiasco
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Elliott Sues LME for $456 Million Over Nickel Fiasco

By Geoffrey Smith AiVIF.com -- The London Metals Exchange is facing a claim for over $450 million in damages for its role in the sharp spike in nickel futures prices earlier...
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Elliott Sues LME for $456 Million Over Nickel Fiasco © Reuters

By Geoffrey Smith

AiVIF.com -- The London Metals Exchange is facing a claim for over $450 million in damages for its role in the sharp spike in nickel futures prices earlier in the year.

Hedge fund Elliott Management is seeking $456 million after being denied profits on trades that it made before the price of its benchmark nickel contract surged in March, after western sanctions on Russia in response to the Kremlin’s invasion of Ukraine cast doubt over the reliability of Russian supplies to the world market.

The surge wrong-footed one of the world’s biggest nickel producers, China-based Tsingshan Holding Group, which had paradoxically amassed a huge bet on nickel prices falling, a position that far outstripped the group’s usual hedging operations.

Tsingshan had had to cover its short position at ever more extreme prices until the LME suspended trade, citing “disorderly” market conditions, with the contract trading at over $100,000 a ton. That led to accusations from those who were long the contract that the exchange had bailed out selected participants at the expense of others.

U.K. financial regulators are now investigating the episode.

The LME’s owner, Hong Kong exchange operator HKEX, was accused by more than one party of showing national bias, owing to the nationality of Tsingshan and its owner, Xiang Guangda. The exchange owner has rejected the criticisms as unfounded and said in a statement on Monday that it considers Elliott’s suit without merit.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (7)

Brent Oil Futures

85.62

-0.71 (-0.82%)

Summary

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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Indicators:

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Sell (5)

US Coffee C Futures

213.73

-13.77 (-6.05%)

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Sell (9)

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Sell (10)

Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (7)

DAX

17,921.95

-196.37 (-1.08%)

Summary

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Moving Avg:

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Sell (12)

Indicators:

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Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

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Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

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Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

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Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

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Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

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Indicators:

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Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
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