Under the deal being discussed, the roughly 10 banks that were Xiang Guangda’s counterparts for his nickel bet would extend enough credit to cover his mark-to-market losses.
Russia's invasion of Ukraine has led to a surge in prices of metals used in cars - from aluminum in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries.
The nation’s top economic planner told officials from major mining regions that it wants to boost domestic production capacity by about 300 million tonnes.