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The 19th China Ferro-alloys International Conference, co-hosted by China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC) & Ferro-Alloys.com ，Supported by China Ferroalloys Industrial Association, will be held on 31 May to 2 June 2023 in Beijing, China.
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LME brokers see big gains in 2022 from volatility after nickel debacle
April 24 (Reuters) - Most brokers and banks trading on the London Metal Exchange (LME) had a bumper year in 2022 in a highly-volatile market, but a provision by JP Morgan due to a nickel crisis weighed on its profits, according to results and industry sources.
In March last year, nickel prices saw a wild price spike, spurring the LME to shut down trading for the first time since 1988 and cancel deals.
The resulting turbulent price action, along with jumpy markets caused by the Russia-Ukraine war and rising interest rates, provided rich opportunities for trading. StoneX Group Inc , one of eight top-tier members of the LME that are allowed to trade on the open-outcry floor, saw overall net profit soar by 78% to $207 million last year.
The LME nickel debacle hammered volumes on its nickel contract, sliding by 28% in 2022 with overall exchange activity down 8.3%. But even though volumes fell on the world's oldest metals exchange, the price swings boosted business for LME brokers, many of which, including Nanhua Financial UK and CCBI Global Markets UK, confirmed to Reuters they had strong results last year. Marex, one of the world's largest privately-owned commodities brokers, reported record results for 2022 earlier this month.
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- [Editor:邢亞敏]
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