China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
A fund of Russia’s Norilsk Nickel has launched Blockchain-tracked securities known as Exchange Traded Commodities (ETCs) which offer investors exposure to the spot prices of nickel and copper without owning them, it said.
Nornickel, the world’s largest producer of refined nickel and a major producer of copper, hopes to attract more European-based investors in these base metals through ETCs launched on the London Stock Exchange (LSE).
The ETCs will use Blockchain technology for transparency and security of the metals backing them. The metals will be stored in warehouses in Rotterdam, Nornickel said in a statement on Thursday.
The total expense ratio for copper and nickel ETCs is estimate at 0.85% and 0.75%, respectively, it added.
Its Global Palladium Fund launched similar ETCs for gold, silver, platinum and palladium in January.
(By Polina Devitt; Editing by Elaine Hardcastle)
Comments