 A worker takes a sample of molten nickel at the Vale Copper Cliff Nickel Smelter in Sudbury, Ontario, Canada. Photographer: Cole Burston/Bloomberg By 2:08 p.m. Shanghai time on March 8, Xiang Guangda's giant bet on a fall in nickel prices was threatening not only to bankrupt his company, but to trigger a Lehman Brothers-like shock through the entire metals industry — and possibly topple the London Metal Exchange itself. Four months on, the nickel price is falling, as Xiang had predicted. Banks have been repaid. Xiang has closed out nearly all his short position. But the LME is dealing with a raft of investigations and lawsuits, and the nickel market is still reeling. Read The Big Take. | 
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