Discover and read the best of Twitter Threads about #LME

Most recents (8)

1/ Could the #LME #nickel fiasco happen to the #Comex #gold and #silver market?

On my recent Twitter Spaces with @PalisadesRadio I mentioned that we may have a problem with current and future availability of gold and silver bars from the expanded refiner list.

Please retweet!
2/ Back in 2020, the #CME expanded the list of approved refineries whose bars are eligible for good delivery to the Comex. This was due to overwhelming demand for physical product and to maintain an orderly market.…
3/ 51 #LBMA approved gold refineries had been added to the eligible brand list for the COMEX 100 (GC 100) gold futures contract. Of the 51 refiner brands, the top countries represented are 12 refineries from China and 7 from Russia.
Read 18 tweets
#xauusd #xagusd #altınfiyatı #gümüş
@OngunEren6 ustad arada değiniyor şu fiziki meselesi. Konuya bir açıklık getirelim. Derki bazı arkadaşlar işte herkes fiziki alsa altını gümüşü gerçek fiyatlara gidecek uçacak kaçacak, baskı var gitmiyor. Bir kere tabiki her piyasanın bir
Büyük abileri var coin piyasasında ki balinalar, spekler, manipilatörler, fonlar, yatırım bankaları, emeklilik fonları, konvansiyonel bankalar, aracı kurumlar, venture capital fonlar, kapalı fonlar, sigorta fonları, ülke fonları bir sürü şirketler. Ve birde yatırımcılar var.
Yatırımcılarda ister küçük ister büyük, amatör-profesyonel, bireysel- kurumsal
Diye ayırın yatırım şekillerine göre bazılarına teknikçi bazılarına temelci deyin. Bunlar bir araya geldiklerinde piyasa oluşuyor. Bu piyasada ister fasulyeye yatırım yapın ister coine
Read 17 tweets
MORE on the below 🧵. There's so much inconsistency in #tradfi collateral posting rqmts (eg, most govts & corporates aren't req'd to post while trading firms are but with v diff collateral thresholds). It's all obfuscated. I lament that these derivative games are now in #crypto😢
There's no question derivatives games put a lid on #bitcoin's price appreciation in recent cycle, just as the same #WallSt derivatives games do same to #tradfi mkts. But when the epic short squeeze inevitably finally hits you get #LME-type games (yep, even in regulated mkts).
And derivatives can debauch otherwise strong balance sheets VERY fast in unexpected ways when BIG moves happen.

Little known fact: big banks' interest rate trading books often have BIG swaps receivables from state/local govts & swaps payables to corporates--UNCOLLATERALIZED.
Read 6 tweets
1/ Ever wonder how Commodities melt up in price? Or How prices of #Gold and #Silver blowout between New York and London? #LME

Please retweet to help others learn.
2/ For many buying physical #preciousmetals, the London price is the primary market for pricing transactions. Although the New York Commodity Exchange (#COMEX) is widely reported and publicly available, this is a derivatives market
3/ How these markets differ can be defined by their users. London’s market provides a pricing mechanism for the physical investor, producer, user, fabricator, etc around the world. The Comex was designed as a hedging market.
Read 18 tweets
#Golf and the #LME
I was once told a story about Ernie Els’s caddy. Ernie is one of the best golfers ever and had a superb caddy. Ernie was injured for a tournament so a rookie professional on the tour asked if his caddy could work for him that week.
So on the first tee the caddy hands the young man a 3 iron and tells him to hit it 250 yds down the right-hand side.
The foolhardy young pro ignores the caddy and takes out his driver and hits it 330 yds down the left into deep rough, completely obscuring a second shot into the green.
Read 17 tweets
I've been looking at the #Nickel trade data for Tuesday morning and the cancelled #LME trades.
The numbers are quite staggering:
9,064 lots traded
VWAP of $71,743
Contract value = $3.9bn !!!!
#LME has cancelled all of these #Nickel trades.
By moving the price back to $48,078 they have wiped out $1.3bn of PnL on these trades.
I have traded on the #LME since 1994 and have seen many trades cancelled in that time - always because of genuine fat-fingered mistakes. Market participants are Gentlemen and are happy to cancel mistakes because you never know when you will make one.
Read 5 tweets
#China's most active manganese-silicon futures contract and ferrosilicon futures contract in Zhengzhou open 8% higher and hit the limit-up.
#Ferro #silicon
Iron ore futures in Dalian drop 3%, still on the downtrend.
Rubber and asphalt also drop 2.7%.
Live hogs down 4.5%.
#Iron #ironore #steel
Coke and coking #coal futures in Dalian DCE extend gain to 4%, thermal coal in CZCE gains 6.13%.
The coal shortage problem in China is yet to be solved.

#Tin futures in Shanghai up 3%.
Read 9 tweets
Shanghai's Nickel futures open to reach the limit down of -6%, as Tsingshan Holding Group, one of the biggest nickel alloy and stainless steel manufactory in China, is found to have unexpected, high-efficient technology for nickel production.
#nickel #Futures Image
LME nickel futures plunge 4% to $16,720/ton.
#nickel #LME
LME nickel futures breach the $16,500/ton mark, down 5.38%.
#LME #nickel
Read 4 tweets

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