Chinese tycoon’s ‘big short’ on nickel trips up Tsingshan’s miracle growth

By Praveen Menon, Min Zhang and Fransiska Nangoy (Reuters) – Chinese tycoon Xiang Guangda has to find a way to bail his Tsingshan Holding Group out of a crisis after its bet on nickel prices backfired, fuelling more volatility in a metal essential for the electric vehicles industry. One of the world’s top nickel producers faces massive losses on its short positions after prices soared over $100,000 per tonne last week and forced the London Metal Exchange to halt nickel trading. Tsingshan has to either pay off the outstanding short positions, which could be as high as $8 billion, or prove it ha…

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