Have a read of this twitter thread regarding the Nickel Futures market:
Thread by @BaldingsWorld on Thread Reader App – Thread Reader App
Bearing in mind the original intent of futures market was so that a commodity producer (farmer/miner) could sell their product in advance (shortsell futures) at a price that was worth their investment in producing that commodity. i.e. a price hedge so they can secure funding and eliminate risk off losses.
We now have a perverse scenario where speculators have caused the futures market to become a risk of bankruptcy via short-squeeze margin calls. The company itself is still profitable and could meet its obligations of providing the commodities at the hedged price, but they are being margin-called in an attempt to bankrupt them and seize all their assets.
The second perverse scenario is the markets are owned by the Chinese who have decided to shut the market down possibly to prevent this miner going bankrupt.