Chinese metals group Tsingshan has reached a deal with its bank counterparties to resolve a bet on nickel that plunged the market into turmoil, paving the way for trading to resume on Wednesday at the London Metal Exchange.
Banks including JPMorgan Chase and Standard Chartered have agreed not to close out Tsingshan’s position or make further margin calls — demands for extra cash to cover losses.
The standstill agreement will give the two sides time to hammer out a deal on a new secured credit facility that the world’s biggest stainless steel producer can use for its “nickel margin and settlement requirements”.
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