Skip to content

Chinese Tycoon Behind Big Nickel Short Faces Billions in Losses

  • Xiang Guangda caught out by metal’s spectacular rally
  • London Metal Exchange suspended nickel trading on Tuesday
Bloomberg business news
WATCH: The Chinese tycoon, known as “Big Shot” in commodities circles is said to be facing billions of losses. Stephen Engle reports.Source: Bloomberg
Updated on

A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week’s unprecedented price spike, according to people familiar with the matter.

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. Nickel rocketed to a record high above $100,000 a ton on Tuesday, driven in part by Tsingshan and its brokers’ activity, before trading was suspended.