JPMorgan reduces credit to Tsingshan, metal clients globally

Staying cautious: People walk past the JP Morgan Chase headquarters building on Madison Avenue in New York City. The bank has curtailed credit to several customers in Asia and Europe or given them notice that it will do so by the end of the year. — AFP

LONDON: 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 say.

Tsingshan Holding Group was at the centre of a crisis on the London Metal Exchange (LME) 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.