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About one-third of Xiang Guangda's total short position of more than 150,000 tons of nickel is held through an OTC position with JPMorgan, a report said.
"We favor production increases and will be encouraging OPEC to consider higher production levels," the UAE ambassador to Washington said Wednesday.
Oil rallied towards $130 a barrel, as the US prepared to ban all imports of Russian crude, natural gas and coal in response to the attack on Ukraine.
As western countries consider a Russian oil embargo, the bank laid out a worst-case scenario in which soaring prices hit growth by as much as 2%.
European natural-gas prices rise as Russian ruble continues to fall