Hedge Fund Run by Ex-Gold Trader Soars on Chinese Nickel Bet

The rally in commodities has resulted in spectacular profits for hedge funds that trade in the goods. Photo: Bloomberg

(Bloomberg) — As the world was still guessing whether Vladimir Putin would invade Ukraine, a little-known hedge fund in Beijing was already betting that it would happen.

Henry Li’s Beijing Hede Fund Management Ltd. analyzed Russian exports in the days leading up to the war and decided to buy futures of nickel, a crucial material for electric-car batteries, wagering that the threat of sanctions on the world’s third-biggest producer would disrupt global supply and drive up prices.