Nickel Mines set for worst week on record after Tsingshan's short squeeze

Pacific Nickel Mines

11/03/2022 24:45

** Australia's Nickel Mines  NIC.AX  is set to lose as much
as 21% over the week, its biggest weekly loss on record
    ** Losses come as investors see heightened risk to NIC from
shareholder and one of world's top nickel producers, Tsingshan
Holding Group, as it bought large amounts of nickel to reduce
its short bets on the metal  urn:newsml:reuters.com:*:nL3N2VD0B1  urn:newsml:reuters.com:*:nL3N2VC4M1
    ** That resulted in nickel prices soaring to record levels,
forcing the London Metal Exchange to halt trading of the metal
 urn:newsml:reuters.com:*:nL2N2VB0NU
    ** NIC on Friday dropped a A$18 mln ($13.24 mln) worth of
share purchase plan amid market volatility despite receiving
over threefold the requisite applications  urn:newsml:reuters.com:*:nL3N2VD4XZ
    ** NIC is up 7% on Friday, snapping a three-day streak of
losses, during which it lost over a quarter of its value
    ** Stock is among top 10 percentage gainers in the ASX 200
benchmark index  .AXJO  on Friday
    ** Down 14.7% this year, as of last close, vs a 4.2% decline
in the ASX 200 benchmark


($1 = 1.3594 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))