Business Maverick: China Construction Bank Unit Gets Reprieve on Metal Margin Calls

📆 17/12/1400 03:12 ب.ظ
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A unit of China Construction Bank Corp. was given additional time by the London Metal Exchange to pay hundreds of millions of dollars of margin calls it missed Monday amid an unprecedented spike in nickel prices, according to people familiar with the matter.

The reprieve from the LME means that the unit, called CCBI Global Markets, is not formally in default, the people said, asking not to be identified as the matter isn’t public.

That in turn may have left CCBI Global Markets struggling to arrange payment of the unusually large margin calls after the end of the business day in Asia, as nickel prices spiraled higher through the course of Monday in London.

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