(Bloomberg) — By 2:08 p.m. Shanghai time on March 8, it was clear that Xiang Guangda’s giant bet on a fall in nickel prices was going spectacularly wrong.
Most Read from Bloomberg
Futures had just skyrocketed above $100,000 a ton and his trade was more than $10 billion underwater. It was threatening not only to bankrupt Xiang’s company, but to trigger a Lehman Brothers-like shock through the entire metals industry and possibly topple the London Metal Exchange itself.
But Xiang was calm….
Source link
