By Paul Sankey
Published on March 8, 2022 at 8:42 AM
Big Shot, Big Short moment. Nickel suspended at $100,000 per tonne on the London Metal Exchange. That means that today a Nickel (5c coin) is worth 12.5c, given it is 5g in weight and 25% nickel. The other 75% of a Nickel is copper, by the way. It’s being reported that Chinese entrepreneur Xiang Guangda – known as “Big Shot” – had a large short position on the LME through his company, Tsingshan Holding, the […]
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By Paul Sankey
Published on February 27, 2022 at 12:22 PM
Well, this bloody mess was why we could not believe Russia would launch a full Ukraine Invasion. Reports that Ukraine has fought back and held Kharkiv are somewhat incredible – Ukraine’s second largest city is to the east and very close to Russia. The idea that Russia could not take control here, is a massive problem for Putin. Military experts are expressing surprise that Russia has not obtained air control, and is suffering logistics issues. […]
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By Paul Sankey
Published on February 24, 2022 at 8:18 AM
Huge shock. Particularly to major European clients that had stated their house view: no invasion. Their view was weeks of noise, no invasion. What will happen to this extraordinary chart? We see demand destruction at $120/bbl, and think oil prices will continue to go to that level of demand destruction if US demand remains as strong as it currently is. Lagging US economic strength and upcoming summer speak to ongoing demand strength, even if it […]
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