Nerves on edge as exchanges, funds await ruling in LME nickel case
Exchanges are in an uncomfortable wait for the outcome of a lawsuit by two financial firms against the London Metal Exchange.
Exchanges are in an uncomfortable wait for the outcome of a lawsuit by two financial firms against the London Metal Exchange.
Exchanges are in an uncomfortable wait for the outcome of a lawsuit by two financial firms against the LME.
Key moves in the mining sector.
As nickel prices surged and for hours after a large Chinese bank missed a margin call, the Financial Conduct Authority was largely passive in its interactions with the LME.
Hedge fund Elliott Associates and market maker Jane Street Global Trading are demanding $472 million in damages.
Talon said the submittal covers several key aspects of the Tamarack nickel project, including no crushing or processing of ore at the mine site and water treatment.
Documents made public in a court hearing this week recount in detail the LME’s fateful decisions in early March 2022.
Market had a deficit of 2,600 tons in the same month last year.
Two financial firms are demanding a combined $472 million in damages.
Next week, Paul Singer is taking on the London Metal Exchange.