The metals industry, financial regulators and Chinese officials rushed to resolve a crisis in London’s nickel market, which remained on ice after an ill-fated trade sparked mammoth price gains and billions of dollars of losses.
At the center of the action is Chinese nickel titan Tsingshan Holding Group, the world’s biggest producer of a metal used in stainless steel and electric-vehicle batteries. The company, sitting on $8 billion in trading losses, said Wednesday it had secured enough metal to settle all its loss-making positions, according to a state-run media outlet.
Tsingshan couldn’t be reached for comment.
The London Metal Exchange suspended the nickel market early Tuesday, the first time it had paused trading in a metal contract since the collapse of an international tin cartel in 1985. The decision followed a near doubling in prices over a few hours—a…
