Hints and tips:
...HKEX said LME would contest the appeal, the timing of which has yet to determined....
...But analysts said it was unlikely that the LME would establish a separate contract for Indonesian nickel....
...In a statement on Wednesday, Chamberlain said the LME was “pleased that the court has ruled in our favour on all grounds”....
...“It’s a large risk of higher volatility in the LME price when the market becomes short again and people need to pull metal out of the LME,” Kildemo said....
...Elliott accused the LME of illegally overstepping its remit as an exchange when it decided to cancel thousands of nickel trades and requested to be compensated $465mn for its losses....
...Elliott also accused the LME of “protecting one cohort of market participants at the expense of another, by protecting LME Members (or the LME itself) from the risk of default,” according to the skeleton...
...The role of the LME’s owner — the Hong Kong Exchange, which purchased the LME in 2012 — is also under a spotlight in this trial....
...The enforcement action follows a review by the BoE into LME Clear and an independent study by Oliver Wyman....
...Liquidity becomes very hard to displace and I still believe that with LME.” LME is owned by Hong Kong Exchanges and Clearing, and Duffy doubted it was open to selling....
...The LME, which is owned by Hong Kong Exchanges and Clearing, does have a network of warehouses outside of China....
...Some traders say the current contango in LME aluminium is partly due to the build-up of Russian stocks in LME warehouses, because arbitrage traders are unwilling to get stuck holding Russian material....
...However, across the LME’s main contracts, these levels remain at or below their historical highs,” the exchange said in a statement....
...LME prices have risen similarly this week. Energy transition targets mean prices for the red metal are headed higher still....
...The twin forces of increased supply and weaker demand has pushed the nickel price at the LME to about $16,500 a tonne in the past year....
...The LME contract is for high-purity nickel, which is chemically very different from the nickel sulphate used for most battery applications....
...The LME has ordered all of its licensed warehouse operators to repeat inspections on nickel in storage to check for irregularities....
...More than half of LME brands are starting to publish this information....
...As a result, more metal is ending up stored in LME warehouses, which functions as the market of last resort....
...Recall a couple of years back, when the LME’s response to a spike in nickel prices — squeezing short positions — was to halt trading and cancel transactions, leaving the market in disarray....
...“It should be stressed that the LME always acted in the interests of the market as a whole,” HKEX said in a statement regarding the AQR case....
...The LME was aware of the amount of open trades on its exchange. But it apparently knew little about over-the-counter (off-exchange) trades, which equalled a third of LME volumes....
...However, it also said that while the LME typically looked for indications that traders were trying to corner the market with large positions on particular dates, it said the LME “did not routinely” investigate...
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