JPMorgan Reaped $100 Million as China Squeezed Niche Nickel Market
- Bank made outsized profits as nickel price spiked last year
- JPMorgan’s dominance in metals has grown as rivals retreated
Shipping cranes stand next to supplies of unprocessed nickel ore on the dockside at Thessaloniki port.
Photographer: Konstantinos Tsakalidis/Bloomberg
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JPMorgan Chase & Co. made about $100 million trading nickel last year, according to people familiar with the situation, as it benefited from a price spike on the back of a Chinese-led supply squeeze.