Nickel Tycoon Covered Part of Big Short Position This Week
- Xiang had balked at reducing his bet at earlier, higher prices
- Prices have soared again after touching a low on Tuesday
Photographer: Vladimir Weiss/Bloomberg
This article is for subscribers only.
The Chinese tycoon whose big short bet on nickel was the focus of an unprecedented short squeeze has covered some of his position, according to people familiar with the matter.
Xiang Guangda, the owner of nickel and stainless-steel giant Tsingshan Holding Group Co., bought contracts on the London Metal Exchange to reduce his short bet as the nickel market briefly unfroze this week, the people said, asking not to be identified as the information wasn’t public.