Huayou Cobalt Gets Hammered in Nickel Futures Debacle

What’s new: The wild surge in nickel prices erased more than 20% of the market value of Zhejiang Huayou Cobalt Co. Ltd. in two days as concerns mounted over the company’s souring bets on the metal and links to Tsingshan Holding Group.

Shanghai-traded Huayou Cobalt plunged Wednesday by the daily 10% limit for a second day, wiping out 26 billion yuan ($4.1 billion) of market value over the two days, after nickel futures surged to a record high in London.