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Elliott Investment Management has lost its appeal in the UK over the London Metal Exchange's decision to suspend the nickel market in 2022. The LME's ability to cancel trades and suspend the market was upheld by the court, which stated that the exchange had the legal obligation to do so in the event of extreme price movement. The LME's decision to suspend the market and cancel trades drew criticism, as it effectively served as a bailout for holders of short positions, including Tsingshan Holding Group Co. The court case revealed that the LME was unaware of the factors driving the surge in nickel prices during the crisis. [Extracted from the article]

Elliott Investment Management has lost its appeal in the UK over the London Metal Exchange's decision to suspend the nickel market in 2022. The Court of Appeal ruled in favor of the LME, stating that Elliott should have been aware that the exchange had the power to halt transactions in the event of extreme price movement. The LME's decision to cancel trades effectively served as a bailout for Tsingshan Holding Group Co. and other holders of short positions. Elliott is considering its next steps in response to the ruling. [Extracted from the article]

The London Metal Exchange's annual LME Week gathering is taking place, with a focus on copper's recent increase in value. Sugar futures are also experiencing a strong month, while US utilities are performing well in the S&P 500 due to increased demand from artificial intelligence. Other notable trends include the US investing heavily in clean energy, Europe's natural gas stockpile for the heating season, and the rise in sugar prices due to poor production forecasts in Brazil. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. It highlights the roller-coaster ride of copper prices this year, with a surge of investment and a major short squeeze driving prices to a record in May. The article also mentions the significant investment in clean energy in the US, surpassing the peak of America's fracking revolution in the 2010s. It discusses Europe's natural gas stockpile as it enters the heating season and the outperformance of the utilities sector in the S&P 500, driven by prospects of surging electricity demand from AI-focused data centers. Lastly, it mentions the recent rally in sugar prices due to a poor outlook from Brazil, the world's top exporter. [Extracted from the article]

The London Metal Exchange's annual LME Week gathering is taking place, with a focus on copper's recent increase in value. Sugar futures are also experiencing a strong month, while US utilities are outperforming other industry groups in the S&P 500 due to increased demand for artificial intelligence. Other notable charts to consider include energy investments in clean energy, Europe's natural gas stockpile, and the performance of the utilities sector. Additionally, sugar prices have been affected by poor production forecasts in Brazil. [Extracted from the article]

An Asian trader, Foreland, is in a dispute with IG Group Holdings Plc over profits from a short squeeze in nickel in 2022. Foreland claims that IG should have paid out on bullish bets despite the cancellation of underlying trades on the London Metal Exchange. This case is different from previous lawsuits against the LME as it targets a broker. Foreland lost its claim against IG Asia for $17.3 million and has lodged an appeal in Singapore. The judge ruled that IG Asia was entitled to halt payments to Foreland after the market was suspended, but IG's act of reversing the trades was deemed wrong. [Extracted from the article]

An Asian trader, Foreland, is in a dispute with IG Group Holdings Plc over profits from a short squeeze in nickel in 2022. Foreland claims that IG should have paid out on bullish bets despite the cancellation of underlying trades on the London Metal Exchange. This case is different from previous lawsuits against the LME as it targets a broker. Foreland lost its claim against IG Asia for $17.3 million and has lodged an appeal in Singapore. The judge ruled that IG Asia was entitled to halt payments to Foreland after the market was suspended, but IG's act of reversing the trades was deemed wrong. [Extracted from the article]

China has been exporting record amounts of copper due to subdued domestic consumption, while the US has experienced a flood of imports after a price spike on the New York Comex exchange made it lucrative to send physical supplies there. The US imported about 91,000 tons of copper in July alone, the third-largest monthly amount in the last decade. Most of the imports came from Chilean mines. China's economic malaise and its copper exports have spooked investors, pushing prices down more than 15% from May peaks. However, there are signs that demand is starting to pick up again and outbound shipments from China are falling, suggesting that the export surge may be drawing to a close. [Extracted from the article]

The global copper market has experienced a significant shift due to a short squeeze, resulting in China exporting record amounts of copper while the US has seen a surge in imports. In July alone, the US imported about 91,000 tons of copper, the third-largest monthly amount in the last decade. This market distortion has surprised traders and investors, leading to a decrease in copper prices worldwide. It remains uncertain if China's export surge will continue, but more metal is expected to be shipped to the US and other Asian ports outside of China. [Extracted from the article]

Copper stockpiles on the London Metal Exchange have reached their highest level since October 2021, indicating weak demand in the Chinese market and beyond. The increase in stockpiles is due to deliveries into warehouses in Korea and Taiwan, which are the closest delivery points for copper flowing out of China. Chinese copper exports have reached record levels this year due to a mismatch between supply from China's smelters and demand from its manufacturing and construction sectors. Despite the rise in stockpiles, investors remain optimistic about the copper market tightening in the future. [Extracted from the article]

Copper stockpiles on the London Metal Exchange have reached their highest level since October 2021, indicating weak demand in the Chinese market and beyond. The increase in stockpiles is due to deliveries into warehouses in Korea and Taiwan, which are the closest delivery points for copper flowing out of China. Chinese copper exports have reached record levels this year due to a mismatch between supply from China's smelters and demand from its manufacturing and construction sectors. Despite signs of weak Chinese demand, investors are betting that the copper market will tighten in the future, leading to a rise in copper prices. [Extracted from the article]

Hedge fund Elliott Investment Management is continuing its legal battle with the London Metal Exchange (LME) over the 2022 nickel crisis. Elliott claims that the LME failed to disclose important documents that would have shown how it could have responded to the short squeeze. The LME suspended the nickel market and retroactively canceled $12 billion of trades, which Elliott argues cost them over $450 million. The LME maintains that its decisions were necessary to prevent significant damage to the market. The LME is also facing a misconduct probe by the Financial Conduct Authority. [Extracted from the article]

Hedge fund Elliott Investment Management is continuing its legal battle with the London Metal Exchange (LME) over the 2022 nickel crisis. Elliott claims that the LME failed to disclose important documents that would have shown how it could have responded to the short squeeze. The LME suspended the nickel market and retroactively canceled $12 billion of trades, which Elliott argues cost them over $450 million. The court case has shed light on the LME's decision-making during the crisis, revealing that the exchange was unaware of what was driving nickel prices and that its top executives were not actively monitoring the situation. Elliott is appealing a previous ruling that gave the LME wide discretion in making urgent decisions. The LME is also facing a misconduct probe by the Financial Conduct Authority. [Extracted from the article]

Copper prices have reached a record high above $11,000 per ton due to increasing demand and supply shortages. Financial investors have been investing heavily in copper, driven by its long-term prospects and its use in sectors such as electric vehicles, renewable energy, and artificial intelligence. However, some participants in the physical trade have warned that copper prices may be running ahead of reality, as demand remains relatively tepid, especially in China. The surge in copper prices has also led to a short squeeze on the New York futures market and a diversion of copper to the US, tightening supplies in other regions. [Extracted from the article]

Copper prices have reached a record high above $11,000 per ton due to increasing demand and supply shortages. Financial investors have been investing heavily in copper, driven by its long-term prospects and its use in sectors such as electric vehicles, renewable energy, and artificial intelligence. However, some participants in the physical trade have warned that copper prices are outpacing actual demand, especially in China. The surge in copper prices has also led to a short squeeze on the New York futures market and a diversion of copper to the US, tightening supplies in other regions. [Extracted from the article]

Copper prices have reached a record high above $11,000 per ton due to increasing demand and supply shortages. Financial investors have been driving the rally, with optimistic forecasts and speculation about output cuts by smelters. However, some participants in the physical trade have warned that prices are running ahead of reality, as demand remains relatively tepid, especially in China. Setbacks at major mines and a short squeeze on the New York futures market have also contributed to concerns about a production shortfall. [Extracted from the article]

Copper prices have reached a new record high above $11,000 per ton due to financial investors anticipating supply shortages. The surge in prices is driven by a short squeeze in the New York market, which has led to a rush to reroute metal supplies to the US. Despite warnings of a looming deficit, demand for copper remains relatively tepid, especially in China. However, supply disruptions and sustained price rallies have attracted copper bulls and financial investors to bet on further gains. [Extracted from the article]

The New York copper market experienced a record squeeze, but the situation has improved as CME Group Inc. raised trading margins and copper prices on the London Metal Exchange increased. The spread between the Comex and LME copper contracts, which had reached over $1,000 a ton, narrowed to about $400. This dislocation in the market has led to efforts to redirect copper supplies to the US. While the situation has eased, there are still signs of significant stress in the market. [Extracted from the article]

The New York copper market experienced a record squeeze, but the situation has improved as CME Group Inc. raised trading margins and copper prices on the London Metal Exchange increased. The spread between the two markets has narrowed, going from over $1,000 a ton to a little over $300. CME Group raised margins, and some brokers took more extreme measures, such as not allowing clients to open new positions and charging higher initial margins. The dislocation in the market has led to efforts to reroute copper supplies to the US. Although the situation has eased, there are still signs of significant stress in the market. [Extracted from the article]

A short squeeze in the copper market has caused a significant dislocation between prices in New York and other commodity exchanges, leading to a rush for supplies to ship to the US. The premium for New York copper futures over the London Metal Exchange price has reached an unprecedented level of over $1,200 per ton, compared to the usual difference of a few dollars. This has caught major players off guard, including Chinese traders and hedge funds, who are now scrambling to find metal to deliver against expiring futures contracts. The situation highlights how commodity markets can quickly spiral out of control when participants are unable to finance their positions. The volatility on the Comex exchange also reflects increased interest from speculators due to concerns about long-term copper mine production meeting demand. While copper prices have been rising for months, this week's spike was specific to the Comex and the most-active futures contract for July delivery. The spike was driven by short covering rather than an overall physical shortage, but it has drawn attention to tight supplies in the US copper market. Traders and miners in South America and China are rushing to boost their shipments to the US, and shipping schedules are fully booked. The squeeze may ease as investors with bullish positions start rolling their copper positions in early June, providing an opportunity for traders with short positions to defer delivery. However, it remains uncertain if this will be enough to resolve the squeeze before the July contract expires. Additionally, much of the copper inventories outside the US are not deliverable against Comex [Extracted from the article]

Tin is at risk of a short squeeze after experiencing a price spike this month. The surge in tin prices is due to disruptions in major producers like Indonesia, Myanmar, and the Democratic Republic of Congo, as well as increased demand from the electronics industry. Market chatter has focused on a single bullish trader that holds at least 40% of long positions on tin for May delivery, which could lead to a squeeze as the contract approaches expiry. The London Metal Exchange (LME) is closely monitoring the market and has controls in place to ensure market orderliness. [Extracted from the article]

Tin is at risk of a short squeeze after experiencing a price spike this month. The surge in tin prices is due to a combination of factors, including disruptions in major tin-producing countries like Indonesia, Myanmar, and the Democratic Republic of Congo, as well as increased demand from the electronics industry driven by the growth of artificial intelligence. Market chatter has focused on a single bullish trader that holds at least 40% of long positions on tin for May delivery, raising concerns of a squeeze. The London Metal Exchange (LME) has acknowledged the tightness in the tin market and is closely monitoring the situation. [Extracted from the article]

Tin is at risk of a short squeeze after experiencing a price spike this month. The surge in tin prices is due to disruptions in major producers like Indonesia, Myanmar, and the Democratic Republic of Congo, as well as increased demand from the electronics industry. Market chatter has focused on a single bullish trader that holds at least 40% of long positions on tin for May delivery, which could lead to a squeeze as the contract approaches expiry. The London Metal Exchange (LME) is closely monitoring the market and has controls in place to ensure market orderliness. [Extracted from the article]

Metals experienced significant volatility in response to US and UK sanctions that banned the delivery of new Russian supplies onto the London Metal Exchange (LME). While the sanctions do not prevent Russia from selling metals to buyers outside of the US and UK, they will still impact the metals market due to the LME's central position in the industry. Aluminum surged by a record before erasing most of its gains, and nickel also saw significant price fluctuations. Russia is a major metals producer, accounting for a significant portion of global nickel, aluminum, and copper supply. The sanctions aim to limit President Vladimir Putin's access to western exchanges while still allowing metal to flow to allied nations. The LME will continue to allow delivery of "old" Russian metal on a case-by-case basis, which may lead to a surge in deliveries and pricing dislocations. [Extracted from the article]

Metals such as aluminum, nickel, and copper experienced significant price swings after the US and UK imposed sanctions that banned the delivery of new Russian supplies onto the London Metal Exchange (LME). However, these sanctions do not prevent Russia from selling its metals to buyers outside of the US and UK, and they do not restrict the majority of global metal trade. The LME's central position in the industry means that the sanctions will still have an impact on metals markets, as its prices are used as a benchmark and referenced in contracts worldwide. While the immediate price action was driven by concerns about reduced Russian flows to Western markets, experts believe that the impact of these sanctions will not be as dramatic as previous events. Russia's metal giants, Rusal and Norilsk Nickel, are less entangled in the western financial system than before, and the industry has been preparing for the possibility of sanctions. However, these measures may solidify China's position as Moscow's buyer of last resort, potentially leading to Russian supplies trading at deeper discounts to benchmark LME prices. The LME will continue to allow the delivery of "old" Russian metal, but it will require evidence that the metal is not in breach of sanctions. This decision may reignite a debate over whether Russian metal should be banned altogether to protect the LME's role as the home of global benchmark prices. [Extracted from the article]

New US and UK sanctions banning deliveries of Russian metal supplies have caused significant volatility in the global metal markets. The sanctions aim to limit President Vladimir Putin's ability to fund his war efforts, but they are unlikely to prevent Russia from selling its metals. The London Metal Exchange (LME) plays a crucial role in setting global prices, but the majority of metal transactions occur outside of the exchange. The sanctions may solidify China's position as Russia's main buyer, potentially leading to discounts on Russian metal prices. [Extracted from the article]

The London Metal Exchange (LME) has responded to new US and UK sanctions by banning deliveries of any Russian metal produced after midnight on Friday. Metal traders are expecting prices of aluminum, copper, and nickel to increase when LME trading reopens on Monday. However, there are differing opinions on the broader impact of the ban, with some believing it will drive prices higher and others concerned about a flood of old Russian metal being dumped onto the LME. Russia is an important producer, accounting for a significant portion of global nickel, aluminum, and copper supply. Traders predict prices to rise on Monday, but the increase could vary. The LME's ban on new Russian metal may reignite a debate on whether Russian metal should be banned altogether. Russian metal already makes up a large portion of LME aluminum stocks, copper, and nickel. Traders anticipate a wave of deliveries of Russian metal that was being held outside the LME system. This could potentially push spot prices down relative to forward contracts, indicating a well-supplied market. The LME considered banning Russian metal in the past but decided against it. The new rules announced on Friday also include provisions that make it easier for traders to take delivery of old Russian metal. Traders expect copper, aluminum, and nickel to react differently when the markets open, with nickel likely experiencing the most extreme price reaction. [Extracted from the article]

The London Metal Exchange (LME) has responded to new US and UK sanctions by banning deliveries of any Russian metal produced after midnight on Friday. Metal traders are expecting prices of aluminum, copper, and nickel to increase when LME trading reopens on Monday. However, there are differing opinions on the broader impact of the ban, with some believing it will drive prices higher and others concerned about a flood of old Russian metal being dumped onto the LME. Russia is an important producer, accounting for a significant portion of global nickel, aluminum, and copper supply. Traders predict prices to rise on Monday, but the increase could vary. The LME's ban on new Russian metal deliveries has divided the market into three categories: new Russian metal, old Russian metal, and non-Russian metal. The LME will continue to allow deliveries of old Russian metal on a case-by-case basis. The ban may reignite a debate over whether Russian metal should be banned altogether to protect the LME's role as the home of global benchmark prices. Traders are expecting a wave of deliveries of Russian metal that was being held outside the LME system. This could potentially lead to a well-supplied market and push spot prices down relative to forward contracts. The LME considered banning Russian metal in 2022 but decided against it. The new rules also make it easier for traders to take delivery of old Russian metal. Traders expect copper, aluminum, and nickel to react differently when the markets open, with nickel [Extracted from the article]

The London Metal Exchange (LME) has announced that the market for "green nickel" is not large enough to support its own futures contract. This is disappointing news for miners who were hoping to secure a premium for their metal. Concerns were raised about the lack of trading volumes and metal stocks that would make a green nickel futures contract viable. Additionally, there is no industry consensus on what qualifies as green nickel. The LME will continue to work with the market to establish criteria for green nickel, starting with a threshold of 20 tons or less of carbon dioxide per ton produced. [Extracted from the article]

The London Metal Exchange (LME) has won a court case against Elliott Investment Management and Jane Street over its decision to halt a short squeeze in the nickel market last year. The court ruled that the LME's executives have the discretion to make urgent decisions. The LME's decision to suspend the nickel market and cancel $12 billion of trades drew criticism, but the ruling is seen as a milestone in rebuilding confidence. The LME is still facing a misconduct probe by the Financial Conduct Authority. [Extracted from the article]

The London Metal Exchange (LME) has won a court case against Elliott Investment Management and Jane Street over its decision to halt a short squeeze in the nickel market last year. The court ruled that the LME's executives had the discretion to make urgent decisions in the crisis. The LME faced criticism for suspending the nickel market and canceling $12 billion of trades. Elliott Investment Management plans to appeal the court's decision. The LME is still under investigation by the Financial Conduct Authority. [Extracted from the article]

The London Metal Exchange (LME) has won a court case against Elliott Investment Management and Jane Street over its decision to halt a short squeeze in the nickel market last year. The LME suspended the nickel market and canceled $12 billion of trades, which Elliott claimed cost them over $450 million. The court case revealed the LME's decision-making during the crisis and the potential consequences of not taking action. The ruling is seen as a milestone for the LME as it seeks to move past the crisis, although it is still facing a misconduct probe by the Financial Conduct Authority. [Extracted from the article]

According to Zhang Bizhen, a managing director at Minmetals Futures Co., the risk controls and management at the London Metal Exchange (LME) are worse than those of its main Chinese rival, the Shanghai Futures Exchange (SHFE). Zhang made these comments at the CRU World Copper Conference Asia, where he received applause. The LME faced criticism after a nickel short squeeze in March 2022 led to a suspension of trading and the cancellation of billions of dollars of trades. Zhang expressed a desire for the LME to learn from the SHFE's risk management practices to enhance the feeling of security for both Chinese and foreign investors. The LME's head of market development, Robin Martin, stated that the LME and SHFE have complementary roles and are working on joint initiatives. [Extracted from the article]

(Bloomberg) -- Investors are returning to the London nickel market with hefty bets that prices will fall, in a trend could set the stage for a fresh bout of volatility after steep declines this year. Funds have amassed $4.6 billion in short positions against London Metal Exchange nickel contracts, helping to create a net short position valued at $2 billion, according to data from the bourse. [Extracted from the article]

(Bloomberg) -- The chief executive of the London Metal Exchange says he's optimistic that the 146-year-old trading venue is beginning to move on from the nickel crisis that threatened to destroy it. A group of other firms including AQR Capital Management have also sued the LME separately, while the exchange is being investigated by the UK's Financial Conduct Authority over its handling of the crisis. [Extracted from the article]

A group of other firms including AQR Capital Management have also sued the LME separately, while the exchange is being investigated by the UK's Financial Conduct Authority over its handling of the crisis. (Bloomberg) -- The chief executive of the London Metal Exchange says he's optimistic that the 146-year-old trading venue is beginning to move on from the nickel crisis that threatened to destroy it. [Extracted from the article]

Macquarie estimated the cost of converting nickel pig iron into nickel metal would be less than $5,000 a ton, compared to average discounts of around $8,000 a ton versus the LME price over the past year. Nickel pig iron and ferronickel have been trading at around half the level of the LME price per ton of nickel, "something that is unprecedented in the history of the nickel market", the Macquarie strategists including Jim Lennon wrote. [Extracted from the article]

Macquarie estimated the cost of converting nickel pig iron into nickel metal would be less than $5,000 a ton, compared to average discounts of around $8,000 a ton versus the LME price over the past year. Nickel pig iron and ferronickel have been trading at around half the level of the LME price per ton of nickel, "something that is unprecedented in the history of the nickel market", the Macquarie strategists including Jim Lennon wrote. Read more: Nickel Market Faces New Shock as "Big Shot" Boosts Metal Output While the LME is the benchmark global nickel price, only about 20% of world production is in the pure metal form that is deliverable at the exchange. [Extracted from the article]

The LME said Chamberlain wasn't influenced by the email from the unidentified broker, or interactions with other LME dealers that morning. (Bloomberg) -- The London Metal Exchange contributed to last year's nickel crisis by removing trading curbs just as prices spiked up in a massive short squeeze, according to the two firms suing the LME over its decision to cancel billions of dollars of trades a few hours later. [Extracted from the article]

The market was left open even after the LME's clearinghouse stopped making intraday margin calls and several members failed to pay margin calls on time on March 7, the LME has previously disclosed. But while Elliott proceeded to formally challenge the LME's decision through a judicial review, AQR did not (although it has since filed a separate claim against the LME that could benefit if Elliott's action is successful). (Bloomberg) -- A decade ago, Paul Singer did battle with the government of Argentina - and won. [Extracted from the article]

The market was left open even after the LME's clearinghouse stopped making intraday margin calls and several members failed to pay margin calls on time on March 7, the LME has previously disclosed. But while Elliott proceeded to formally challenge the LME's decision through a judicial review, AQR did not (although it has since filed a separate claim against the LME that could benefit if Elliott's action is successful). [Extracted from the article]

(Bloomberg) -- China's Zhejiang Huayou Cobalt Co. applied to list its nickel on the London Metal Exchange, becoming the first producer to use a fast-track registration process designed to help rebuild liquidity in the exchange's contract following last year's short squeeze. "Given the expected growth in Nickel Class 1 production from new sources, the LME's fast-track approach and fee waiver for new LME Nickel brands aims to encourage more stock and liquidity to the contract, without relaxing our metallurgical or responsible sourcing requirements", the LME said in a statement. [Extracted from the article]

The nickel pig iron and nickel sulfate markets, which together represent another 60% or more of global output, are also increasingly using indexes rather than the LME as benchmarks, according to Bories. (Bloomberg) -- The London Metal Exchange has lost its benchmark status in a key part of the nickel market since last year's massive short squeeze, according to one of the biggest producers. [Extracted from the article]

(Bloomberg) -- The London Metal Exchange is planning to make its process of setting end-of-day prices more predictable, a move that could favor algorithmic traders over more traditional brokers. The method for determining prices is a fraught issue at the LME, which has been gradually adopting modern trading technology alongside its iconic 146-year-old open outcry trading floor, known as "the Ring.". [Extracted from the article]

(Bloomberg) -- Profits at the London Metal Exchange fell to the lowest in eight years in 2022, as the massive short squeeze that brought the nickel market to a juddering halt in March took its toll on the exchange. A separate annual report from LME Clear, the LME's clearinghouse, showed that its profits fell 29% to $21.4 million, the lowest full year of earnings since it started operations in 2014. [Extracted from the article]

(Bloomberg) -- The embattled London Metal Exchange is still trying to rebuild faith in its nickel contract after an epic short squeeze last year, according to Chief Executive Officer Matthew Chamberlain. "It was such an important step to be able to reopen nickel trading in Asian hours", Chamberlain told reporters at LME Asia Week in Hong Kong on Tuesday. [Extracted from the article]

(Bloomberg) -- The London Metal Exchange proposed sweeping changes to its nickel operations, including allowing a new form of the metal to be delivered against its contracts and opening a new spot market in China. The LME plans to expand the forms of nickel that can be delivered against its contracts to include coarse nickel powder, the bourse said Thursday. [Extracted from the article]

It will also look at expanding the forms of metal that can be delivered against its nickel contract to include coarse nickel powder, and will consult with the market to explore further ways to address the low level of inventories on the bourse. (Bloomberg) -- The London Metal Exchange plans to launch a new spot market for nickel in China as part of a broad overhaul designed to strengthen trading on the bourse after last year's short squeeze. [Extracted from the article]

(Bloomberg) -- The London Metal Exchange proposed sweeping changes to its nickel operations, including allowing a new form of the metal to be delivered against its contracts and opening a new spot market in China. Tsingshan is looking to boost production of LME-grade metal alongside peers who were also caught out by the squeeze, and the LME said it will fast-track the approval of new brands. [Extracted from the article]

(Bloomberg) -- Nickel on the London Metal Exchange resumed Asian-hours trading on Monday, marking a crucial step in efforts to repair the market after last year's unprecedented turmoil. Read: One Year Later, LME Nickel Trading Remains Crippled by Crisis The nickel contract also faces a more fundamental challenge, as the refined form of metal that's traded on the exchange accounts for a small and shrinking percentage of the world's total nickel production. [Extracted from the article]