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China Construction Bank Gets Reprieve on Metal Margin Calls

  • LME has given CCBI Global Markets more time to make payment
  • Margin calls were in the hundreds of millions of dollars
Updated on

A unit of China Construction Bank Corp. was given additional time by the London Metal Exchange to pay hundreds of millions of dollars of margin calls it missed Monday amid an unprecedented spike in nickel prices, according to people familiar with the matter.

The reprieve from the LME means that the unit, called CCBI Global Markets, is not formally in default, the people said, asking not to be identified as the matter isn’t public.