from Zero Hedge
Around the time Peabody was served with a $534 million margin call on its hedging coal futures short, which it funded with a new $150MM unsecured (10%) revolver from Goldman Sachs, one of China’s largest banks was also served with a margin call for hundreds of millions of dollars on a nickel short gone terribly bad after the price of Nickel did… well this:
However, unlike Peabody, a unit of China Construction Bank Corp – one of China’s “Big Four” banks – 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. The reprieve from the LME – which just last week sent out thousands of erroneous margin calls on metals contracts – means that the unit, called CCBI Global Markets, is not formally in default, Bloomberg reported citing sources.