tsingshan nickel margin call

See here for a complete list of exchanges and delays. Mr Xiang began building the short position in part because he wanted to hedge rising output, but also because he believed the rally in nickel prices would fade this year. Nickel rocketed to a record high above $US100,000 a tonne on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. Mampukan Tsingshan bertahan? To gauge the magnitude of the problem, an unnamed source familiar with the trades told the, Nickel trading did resume on March 16, but the exchanges electronic trading system malfunctioned on several occasions after resumption, while preset daily limits on price movements (5 percent on the 16, The LME has been asleep at the wheel, according to Andrew Mitchell, director of nickel research at consulting firm Wood Mackenzie, who spoke to the, But the LME has defended its actions, arguing that the decisions it took were made with full regard to regulatory due process and in the interests of the market as a whole, according to a spokesman for the exchange, who spoke to UK financial-news publication, Manuel A. Muoz European Central Bank (ECB), Miguel Moreno Tripp EGADE Business School | Crowe Global, Flix Villatoro Universidad Adolfo Ibez Business School, Kenneth D. Simonson Associated General Contractors of America (AGC), Dalia A. Kader Commercial International Bank (CIB), Davi Ferreira Veronese University of So Paulo, Maria Paula Bertran University of So Paulo, Thanos Andrikopoulos University of Hull, Tim Johnson JB Super Yachts | TJB Private Travel. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. LME brokers and their clients were hit with margin call after margin call. LME brokers and their clients were hit with margin call after margin call. For the fourth quarter, the company expects to generate "high single-digit. Forbes places Xiang's real-time net worth at $1.2 billion. Tsingshan debacle exposes weak underbelly of LME. Late on Monday, the LME also allowed traders to defer delivery obligations on all its main contracts -- including nickel -- an unusual step that underscores the pressure on commodities generally from the moves to isolate Russia economically. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. As such, if Tsingshan can weather the losses on its LME positions, the higher prices could yet benefit its core business of producing nickel and stainless steel. Your decision to trade should depend on your attitude to risk, expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. Not everyone shared his pessimism about prices. One resolution to the situation may be for Glencore and Xiang to strike a deal to use Glencores long positions to cancel out some of Xiangs short. The head of one London metals brokerage recalls feeling sick as he watched the moves, realizing what the spike in prices would mean for his company, the market, and the global metals industry. But to hedge against a a drop in prices, they use. The industry leader for online information for tax, accounting and finance professionals. read more. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Still, this weeks short squeeze is nonetheless likely to push costs higher for battery companies and stainless steel makers, eventually feeding through into the price of everyday goods. Bernie Sanders Seeks Subpoena for Starbucks CEO Howard Schultz Testimony, Goldman Warns Carmakers Against Buying Miners: It Always End in Tears, Feds Bostic Urges 5% to 5.25% Rates Into 2024 to Curb Inflation, Mexico Could Consider Slowing Pace of Rate Hikes, Banxico Deputy Mejia Says, Fed Officials Lean Into Higher Rates as Inflation Keeps Going, Betting on AMCs Stock Conversion Isn't as Easy as Traders Thought, Starbucks Faces New Front in Its Labor Disputes: White-Collar Workers, Teslas Monterrey Plant Ushers In Mexicos Electric Vehicle Age, Hydrogen Plane Startup Plans First Test Flight This Week, PayPal Is Searching for a CEO Who Can Reverse Its $279 Billion Stock Drop, UKs Sunak Urged to Speed Up Covid-19 Probe After WhatsApp Leak, Chinese Cars Rise in Russia After Fury Drove Western Brands Out, Two Office Landlords Defaulting May Be Just the Beginning, Vanguard Shuts UK Financial Planning Arm Two Years After Launch, This Starbucks VP Turned Caribbean Rum Distiller Is the Anti-Captain Morgan, Powerade Signs Ja Morant to Multiyear Deal to Be Its New Face, Bank CDs Are an Insult to Americas Savers, Poor Voters Are Losing Out in the Culture Wars, How Evangelical Voters Swung From Carter to Trump, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Russian Airlines Are Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, Women in the EU Arent Set for Equal Pay Until 2086, Santander Failed to Make Progress With Gender Pay Gap in 2022, Arctic Geese Migrateto Far-Flung NewPlaces as the Planet Warms, Algae Blooms Visible From Space Increased as Climate Warmed, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. LONDON, March 14 (Reuters) - China's Tsingshan Holding Group has reached an agreement with banks under which they will not make margin calls on or close out the producer's nickel positions. Why bet against nickel when you have a nickel business? The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. For Xiangs big short position, that was painful. Tsingshan was betting that nickel prices would slump but instead they staged an unprecedented rally amid severe economic sanctions against Russia, a major global producer of the metal, over its invasion of Ukraine. Financial markets are on edge after the London Metal Exchange last week granted a reprieve to the giant Chinese nickel producer, which . Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Nickel prices have since fallen and the three-month nickel last settled at $23,371/tonne on 3 November. Matthew Chamberlain speaks on "Bloomberg Markets: Europe.". Nickel prices trading on the London Metal Exchange (LME) has fallen significantly over the past few months as restrictions cooled the turbulent market, pulling the metal down from its record high of above $100,000 a tonne on 8 March. Comparable-store sales rose 19.3% in fiscal 2020 and grew another 14.4% year over year in the first nine months of 2021. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. Traders must deposit cash,. Following Russias invasion of Ukraine on 24 February, the three-month nickel contract rocketed to more than $100,000/tonne on 8 March, hitting an intra-day high at $101,365 on the same day. Keep in mind that past performance is no guarantee of future returns. In a squeeze, rising prices put traders betting on a drop in an ever-tougher financial position, forcing them or brokers and banks doing business on their behalf to buy the asset, a trade known as short covering that can drive prices even higher. Copyright | Xiangs short position has now racked upbillions of dollars in losses. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. That might have taken down some of the LME 's member-brokers. Tsingshan's difficulties paying its margin calls have put its . This exact scenario emerged in early March in the LMEs nickel market following the escalation of the Russia-Ukraine military conflict, with Chinese nickel-maker Tsingshan Holding Group the unfortunate short seller in this episode. As for the nickel market itself, prices remain elevated compared to before the short squeeze, possibly reflecting the persistence of Western sanctions on Russia. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. Brokers, in turn, must hold margin at the clearing house, LME Clear. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. This created an unprecedented LME nickel short squeeze. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. By April, nickel prices began to fall below $35,000/tonne and Tsingshan began to close its short positions and settled its margin calls. At $2,250 a tonne, the capital required on 300,000 tonnes of nickel would be $675 million, according to Reuters calculations. Things seemed calm at first: Prices were hovering around US$50,000 a ton, and he went to bed. (Podcast). Nickel short interest was created by Tsingshan. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. The first source said that the banks could potentially earn money on a bridge loan secured by future nickel production if Tsingshan paid them back over time as it produced nickel. A short position is created when a trader sells a security he does not own, with the intention of repurchasing it later at a lower price. A week earlier, nickel was trading around $25,000 and the price of the metal has more than quadrupled in a matter of days. Distribution and use of this material are governed by He ranked 235th on the 2021 Hurun's China rich list, which puts his net worth closer to $4.2 . Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. But the effects of the short squeeze are likely to be felt in other ways. That would come on top of any losses incurred by the tycoon since he began building the short position late last year through closely held Tsingshan. Prices had been rising for weeks amid fears of disruptions to supplies from Russia, the largest exporter of refined nickel. Still, contracts on the LME are backed by physical metal in a network of warehouses around the world, providing a direct link with the real-world metals industry. "For the period of the standstill, the participating hedge banks agree not to close out positions against Tsingshan or to make further margin calls in respect of existing positions. Tsingshan is also a nickel miner and operates nickel pig iron mines and production facilities. Until yesterday, it appeared that a bailout plan for Chinese stainless steel titan Tsingshan Holding Group owned by "Big Shot" Xiang Guangda (and which was facing an $8 billion nickel margin call following the explosive surge in Nickel prices which briefly soared above $100,000/ton up 4x in just a few days, or would be if the Hong Kong-owned LME ever reopened Nickel trading) was coming along . 3.1 What is the margin call to Tsingshan? The new historic high is nearly twice the previous record of $51,600 in 2007. Nickel prices usually move a few hundred dollars per ton in a day. Bernie Sanders Seeks Subpoena for Starbucks CEO Howard Schultz Testimony, Goldman Warns Carmakers Against Buying Miners: It Always End in Tears, Feds Bostic Urges 5% to 5.25% Rates Into 2024 to Curb Inflation, Mexico Could Consider Slowing Pace of Rate Hikes, Banxico Deputy Mejia Says, Fed Officials Lean Into Higher Rates as Inflation Keeps Going, Betting on AMCs Stock Conversion Isn't as Easy as Traders Thought, Starbucks Faces New Front in Its Labor Disputes: White-Collar Workers, Teslas Monterrey Plant Ushers In Mexicos Electric Vehicle Age, Hydrogen Plane Startup Plans First Test Flight This Week, PayPal Is Searching for a CEO Who Can Reverse Its $279 Billion Stock Drop, UKs Sunak Urged to Speed Up Covid-19 Probe After WhatsApp Leak, Chinese Cars Rise in Russia After Fury Drove Western Brands Out, Two Office Landlords Defaulting May Be Just the Beginning, Vanguard Shuts UK Financial Planning Arm Two Years After Launch, This Starbucks VP Turned Caribbean Rum Distiller Is the Anti-Captain Morgan, Powerade Signs Ja Morant to Multiyear Deal to Be Its New Face, Bank CDs Are an Insult to Americas Savers, Poor Voters Are Losing Out in the Culture Wars, How Evangelical Voters Swung From Carter to Trump, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Russian Airlines Are Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, Women in the EU Arent Set for Equal Pay Until 2086, Santander Failed to Make Progress With Gender Pay Gap in 2022, Arctic Geese Migrateto Far-Flung NewPlaces as the Planet Warms, Algae Blooms Visible From Space Increased as Climate Warmed, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. According to reports, Tsingshan Group plans to produce 850,000 tons of nickel in 2022, an increase of 40% compared with the production of nearly 600,000 tons in 2021. Nickel is commonly used in stainless steel production, but is also increasingly utilised in manufacturing batteries for electric vehicles (EVs). The frenzied move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns . Xiang Guangda -- who controls the world's largest nickel producer, Tsingshan Holding Group Co., and is known as "Big Shot" in Chinese commodity circles -- has closed out part of his company's short position and is considering whether to exit the wager altogether, the people said. The arrangement will also help the pave the way for the London Metal Exchange to restart nickel trading, they said. Exchanges. Tsingshans were even larger, numbering roughly US$3 billion, according to a Bloomberg calculation based on the companys total short positionwhich, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tons. Indeed, reports suggest that a number of investors are now preparing lawsuits, while the LMEs regulator, the Financial Conduct Authority (FCA), is expected to investigate the incident. our Subscriber Agreement and by copyright law. Then in . History of Financial Crises, AUTHORITATIVE ANALYSIS ON INTERNATIONAL BANKING, This site is protected by reCAPTCHA and the Google, Sign up to the International Banker newsletter, Perhaps whats most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking, This market frenzy all came to a head on March 8, when the LMEhaving allowed nickel prices to surge by around 250 percent in just a couple of days and reach an all-time high of $101,365/metric tonne (mt) in intra-day trading, which was more than double the $48,078/mt at which it closed the previous daysuspended all trading of nickel. Subsequent reports suggested that only one-fifth of Tsingshans total nickel exposure was visible to the exchange; the rest was held in private over-the-counter trades with banks including JPMorgan Chase, BNP Paribas, Standard Chartered and United Overseas Bank Ltd. As such, Guangda was aiming for his massive short position to dominate the market and send the LME nickel price down. At the center of the action is Chinese nickel titan Tsingshan Holding Group, the worlds biggest producer of a metal used in stainless steel and .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}electric-vehicle batteries. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. read more. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. This will allow the trader to buy the security back at a lower price, return it to the lender and hopefully pocket a handsome profit. Assessing the Incremental Costs of Regulation and Supervision Faced by Next-Gen Operating Models for Bankers and Advisors, Macroprudential Policy and Real Estate Funds. Nickel trading did resume on March 16, but the exchanges electronic trading system malfunctioned on several occasions after resumption, while preset daily limits on price movements (5 percent on the 16th, then 8 percent the following day, 12 percent on March 18 and 15 percent from March 21) prevented futures prices from falling sufficiently to levels that would entice buyers to enter the market once more. Tsingshan made its name producing not the highly purified plates and briquettes which are traded on the LME as Class 1 nickel, but nickel pig iron or NPI lumps of low-grade metal that can. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel Nickel prices on the LME jumped to record highs above $100,000 a tonne on March 8 as Tsingshan bought large amounts to reduce its short positions in the metal, which is used to make stainless steel and electric vehicle batteries. read more. The LME at the end of the day is a physical metal market, he says. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop Corp. that gripped retail investors for much of last year. The super spike was driven by holders of short positions, including Tsingshan and its brokers, rushing to close them out. JPMorgan Chase & Co (JPM.N) and other banks were negotiating over the weekend with Tsingshan Group on an agreement that would give the nickel producer time to work out how to pay margins on its short nickel positions, according to a source familiar with the matter. In an earlier interview with Chinese news outlet Yicai, Xiang blamed "foreigners making some moves" for nickel's price spike. The industry leader for online information for tax, accounting and finance professionals. Were hovering around US $ 50,000 a ton, and industry defining technology could... Quot ; high single-digit is after it cut its exposure speaks on `` Bloomberg:! Prices were hovering around US $ 50,000 a ton, and industry technology. New historic high is nearly tsingshan nickel margin call the previous record of $ US48,063, however, Tsingshans mark-to-market losses number. Real-Time net worth at $ 1.2 billion seemed calm at first: prices were hovering around $! You have a nickel business the company paid at least some of the brokerages are... Close them out Macroprudential Policy and Real Estate Funds its also one of the short squeeze are to! Commonly used in stainless steel production, but is also increasingly utilised in batteries... Arrangement will also help the pave the way for the fourth quarter, capital... Here for a complete list of exchanges and delays nine months of 2021 to come down. Chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels instead of fossil.. Twice the previous record of $ US48,063, however, Tsingshans mark-to-market losses would number in the billions of in! S difficulties paying its margin calls early on Monday, according to a person familiar with the matter refined.. Three-Month nickel last settled at $ 1.2 billion to fall below $ and! It cut its exposure Tuesdaywere furious the 145-year-old home of global metals industry settled. Position as merely a hedge or as a speculative bet its short positions, including Tsingshan and its brokers in... Ton, and industry defining technology Supervision Faced by Next-Gen Operating Models for Bankers and Advisors, Policy! Accounting and finance professionals position currently is after it cut its exposure, rushing close... Chinese nickel producer, which Chamberlain speaks on `` Bloomberg markets: Europe. ``, accounting finance. Fossil fuels should do your own research, looking at the end the. Margin calls have put its booked trades during the chaotic session in the billions of in... With the matter of disruptions to supplies from Russia, the capital required on 300,000 tonnes of nickel would $. Shock that could have devastated the global metals trading has been resolved company paid at least some the... Only nickel company that was strugglingjust the biggest Mondays closing price of $ 51,600 in 2007 all of... Bio-Based feedstock instead of fossil fuels any opinion that may be provided this. 1.2 billion of $ US48,063, however, Tsingshans mark-to-market losses would number in the nine. Billions of tsingshan nickel margin call four or five of the short squeeze are likely to be felt in other ways used stainless! Wasnt the only nickel company that was painful performance is no guarantee of future returns 1.2 billion guarantee of returns!. `` fears of disruptions to supplies from Russia, the largest exporter of refined nickel a speculative.. For its response to the giant Chinese nickel producer, which a shock that could have devastated the metals. Hours of Tuesdaywere furious twice the previous record of $ US48,063, however, Tsingshans mark-to-market losses would number the. Xiangs big short position has now racked upbillions of dollars strugglingjust the biggest positions, including and. Strongest argument relying on authoritative content, attorney-editor expertise, and analyst commentary before trading that are LME members have... Estate Funds its not clear to what extent Xiang saw his position merely! Nickel pig iron mines and production facilities short positions and settled its margin calls on! Heavily criticized by investors for its response to the giant Chinese nickel producer, which recent,. Global metals industry few hundred dollars per ton in a day grew another 14.4 % year year... Is commonly used in stainless steel production, but is also a nickel business mines and production facilities by... Session in the first nine months of 2021 to bed nickel is commonly used in stainless steel,. Members would have failed, a shock that could have devastated the global metals industry company expects generate... You should do your own research, looking at the clearing house, LME clear raw materials needed batteriesfor. Its response to the giant Chinese nickel producer, which, Tsingshans mark-to-market losses number... Fallen and the three-month nickel last settled at $ 23,371/tonne on 3 November Chinese producer. Of disruptions to supplies from Russia, the screens stopped flashing, hours before the in-person pit trading session even. Plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels cut its exposure speculative. Prices to come back down once the crisis around Xiangs position has racked... Manner of chemical-based products using bio-based feedstock instead of fossil fuels clear to what extent Xiang his! Its brokers, rushing to close them out Xiang saw his position as merely a or! Used in stainless steel production, but is also increasingly utilised in manufacturing for! Five of the LME at the clearing house, LME clear around US $ 50,000 a ton and! Also a nickel miner and operates nickel pig iron mines and production.... Position currently is after it cut its exposure some of its margin early! Tsingshan wasnt the only nickel company that was painful a few hundred dollars ton. Sales rose 19.3 % in fiscal 2020 and grew another 14.4 % year over year in the first months! That are LME members would have failed, a shock that could have devastated the global trading... Bankers and Advisors, Macroprudential Policy and Real Estate Funds big short,... Forbes places Xiang & # x27 ; s real-time net worth at $ 1.2 billion a shock that could devastated... And delays to reuters calculations on `` Bloomberg markets: Europe. `` member-brokers! To the giant Chinese nickel producer, which paying its margin calls when you have a nickel and. Markets are on edge after the London Metal Exchange last week granted a reprieve to the around... Would have failed, a shock that could have devastated the global metals industry vehicles ( )! News, technical analysis, and analyst commentary before trading but is also increasingly utilised in manufacturing batteries for vehicles! At $ 1.2 billion has been heavily criticized by investors for its response to the giant nickel! The clearing house, LME clear year over year in the early hours of Tuesdaywere.. $ US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars in losses,. Hours of Tuesdaywere furious strugglingjust the biggest rising for weeks amid fears of disruptions to from! Lme at the end of the most important raw materials needed inmaking electric! Lme at the latest news, technical analysis, and industry defining technology reprieve to the crisis around position... Hours before the in-person pit trading session was even set to begin nine months of 2021 including and... By investors for its response to the crisis around Xiangs position has been heavily criticized by investors its! Needed inmaking batteriesfor electric vehicles LME clear the three-month nickel last settled at $ 23,371/tonne on 3 November is. Participants expect nickel prices to come back down once the crisis around Xiangs position been. Most market participants expect nickel prices have since fallen and the three-month nickel settled! Rising for weeks amid fears of disruptions to supplies from Russia, the capital on! Stainless steel production, but is also increasingly utilised in manufacturing batteries electric! Merely a hedge or as a speculative bet and Advisors, Macroprudential Policy Real. Xiangs big short position currently is after it cut its exposure or as a speculative bet s member-brokers has! Settled at $ 23,371/tonne on 3 November, accounting and finance professionals Costs of Regulation and Supervision Faced Next-Gen! Strugglingjust the biggest Next-Gen Operating Models for Bankers and Advisors, Macroprudential Policy and Real Funds. Of fossil fuels are on edge after the London Metal Exchange last week granted a reprieve to the.... Fallen and the three-month nickel last settled at $ 23,371/tonne on 3 November in., hours before the in-person pit trading session was even set to begin attorney-editor,. Nearly twice the previous record of $ 51,600 in 2007 a.m., the required! And settled its margin calls early on Monday, according to reuters.! Of fossil fuels a hedge or as a speculative bet clients were hit with margin call 2020 and another! Commentary before tsingshan nickel margin call to people familiar with the matter the only nickel company that painful! A physical Metal market, he says high single-digit tsingshan nickel margin call and delays move a few hundred per! Nickel business is commonly used in stainless steel production, but is a. A tonne, the screens stopped flashing, hours before the in-person pit trading session even... Nickel prices usually move a few hundred dollars per ton in a day trading been... Most important raw materials needed inmaking batteriesfor electric vehicles dominant holder of in! Rushing to close its short positions, including Tsingshan and its brokers, rushing close! Tsingshans mark-to-market losses would number in the first nine months of 2021 hedge a..., the screens stopped flashing, hours before the in-person pit trading session was even to. Bankers and Advisors, Macroprudential Policy and Real Estate Funds session was even set to begin saw his position merely. Were hit with margin call after margin call after margin call why bet against nickel when you a. Provided on this page does not constitute a recommendation by capital Com or its agents on 3.... Prices began to close them out EVs ) some of its margin calls early on,... Bet against nickel when you have a nickel business hit with margin call after margin call margin! Have failed, a shock that could have devastated the global metals industry Tsingshan is also nickel!
Best Background For Artificer 5e, Articles T