JPMorgan Chase & Co has reduced lending to China's Tsingshan, one of the world's top nickel producers, while also paring back credit to other customers in Europe and Asia after a review of risk, sources close to the situation said.
Tsingshan Holding Group was at the centre of a crisis on the London Metal Exchange in March when nickel prices more than doubled in a matter of hours, forcing the LME to halt trading and cancel billions of dollars in deals.
JPMorgan declined to comment and Tsingshan was not immediately available for comment via phone or email. During a suspension of trading on the LME, the Chinese company agreed a stand-still deal with its financiers allow it to gradually reduce its positions.
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