Update: Chinese Metal Giant Faces Heavy Losses on Wild Nickel Ride

By Wang Shiyu, Han Wei, Lu Yutong, Luo Guoping and Manyun Zou

The price of nickel surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday

A Chinese metal giant is scrambling to manage massive losses from shorting nickel futures after the metal went on an unprecedented rally.

Tsingshan Holding Group Ltd., one of the world’s biggest nickel and stainless steel producers, came under mounting pressure to meet margin calls for its short position, which it built since last year betting on a price decline for nickel.

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