金融市場

Nickel/LME: chaos from margin calls may recur in other asset classes
Lex專欄:鎳市的混亂也可能在其他資產類別重演

Soaring exposure has triggered margin calls for extra collateral — expect this pattern to repeat
週二鎳價狂漲一倍多,中國的銀行匆忙爲客戶平掉空倉。這種混亂是追加保證金要求所致,可能還會有其他資產遭遇保證金之劫。

Financial warfare creates collateral damage — and damage to collateral. Tit-for-tat sanctions could disrupt supplies of nickel from Russia, the world’s third-largest producer. Prices for the metal, a vital ingredient in batteries and steel, more than doubled to over $100,000 per tonne on Tuesday. Chinese banks were scrambling to close bearish bets by clients.

金融戰爭會造成附帶(collateral)損害,也會損害抵押品(collateral)的價值。以牙還牙的制裁可能擾亂來自俄羅斯的鎳供應,該國鎳產量排在世界第三。作爲生產電池和鋼鐵的關鍵材料,鎳的價格在週二翻了一番有餘,突破每噸10萬美元。中國的銀行匆忙平掉客戶的空頭倉位。

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