“Demon Nickel” stirred up a muddy water. According to market rumors, Tsingshan Group, a leading domestic stainless steel company, was shorted by the Swiss giant Glencore. In this regard, an anonymous person from Glencore’s headquarters in Switzerland told the “Daily Economic News” reporter that it is incorrect to say that Glencore squeezed Qingshan and Glencore was behind the soaring nickel price.
Founded in 1974, Glencore started from oil trading and spent more than 40 years growing into a global commodity trading giant and a top 20 regular on the Fortune Global 500 list. It is known as “Goldman Sachs in the global commodity market. “.
Behind this is its rapid mergers and acquisitions over a long period of time, which has expanded from pure trade to mining, smelting, production and trade. However, this has also brought huge losses in continuous net profit and high debt. In 2015, it came to the brink of a debt crisis, causing the market to worry about “Will it be the Lehman of commodities?”
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