I have an absolutely crazy story for you and it's talking about a big player getting absolutely like teared apart face ripped off in the really a horrific short squeeze. Well, so the long players they loved, what happened but to the short player. This particular uh chinese, nickel, giant sing-shon uh, eight billy in paper losses. So far.

This is a wild wild story. Chinese nickel giant sing-shan faces eight billion trading losses as ukraine. Warren up ends market talk about a brutal, brutal short squeeze. The chinese nickel titan faces billions of dollars in trading losses according to people familiar with the company after russia's war and ukraine set off an unprecedented rise in the price of key metal used in the stainless steel and electric vehicle batteries.

So this company, in one way or another, it's very common for you to kind of hedge, your own business off of the commodities that you need so because of this they had a huge short position against nickel. Well, in the span of two days, nickel ran up 250 percent and they a paper loss, is standing at 8 billion and actually things got so out of hand that the london metals exchange actually shut down the trading of nickel most likely up until this friday. The paper loss stood at 8 billion on monday before violent moves in nickel prices led to the london metal exchange to suspend trading in the metal on tuesday late tuesday. The exchange said it anticipates.

Training won't resume before friday of this week. Uh chinese media outlets reported the 8 billion loss earlier on tuesday, so there's most likely. This could end up being even like a greater value. Uh mr zhiang was also quoted, saying that relevant government departments and leaders are all very supportive of the company um.

It is a solid chinese enterprise and our positions and operations do not have problems. You know, i think, we've heard this before with the likes of melvin capital. If everyone say hey, it's not a big deal. We got it under control when, in reality it was an absolute dumpster fire of a situation.

I don't know how you could just so calmly, uh take on an 8 billion dollar loss, especially right now, when it's not actively training. I think when there's blood in the water people are going to be cognizant of that and the situation could get even more out of hand. I'm curious what nickel is going to do when the market reopens, maybe on wednesday, some of the creditor banks in china have become concerned about the effect of the company's trading losses on its balance sheet yeah. I would too, they were assured by the firm on tuesday that its financial position was sound and that it could weather even extreme losses from the forward contracts.

Uh, i'm gon na call bs on that one. The financial position was sound and it could weather extreme losses. There's not too many companies on this planet that can sustain an eight billion dollar loss, and even if you could, i don't know if i would say it's a financially sound position. So i just wanted to share this story, especially if you remember the saga of gme and amc if shorts getting absolutely brutally squeezed, it seems like another one just went down and this one particularly related to the world of nickel 8 billy, absolutely crazy.

I should say 8 billion and counting wild wild wild wild. You.