Castle Peak Holdings has a short position of about 15, tons. It directly holds about 5, tons of short nickel positions in LME, which are held through brokers CCB International, ICBC Standard and Sukden Finance. The rest is held through bilateral transactions with banks such as JPMorgan Chase.
Qingshan hopes to make a steady profit through hedging, and Qingshan judges that the price of nickel will be reduced, so the scale of empty orders is too large.