Tsingshan Holding Group said large banks agreed to continue discussing a potential settlement with the Chinese metals producer, whose wrong-way bets led to a dayslong suspension of nickel trading on the London Metal Exchange.
JPMorgan Chase & Co. and other banks are seeking billions of dollars that Tsingshan owes them for trades the banks made on its behalf on LME. The trades amounted to a big wager against the price of nickel and led to large losses at Tsingshan when prices for the metal, used in stainless steel and batteries, surged in the wake of Russia’s invasion of Ukraine. The price increases are now rippling through the global financial system and the world economy.