Login ID:
Partner Login
Contact Us : 7066511911

LME Nickel Soars to 11 – Month Top on Philippines Mine Closure

28 Oct 2020 6:25 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Nickel prices jumped to their highest in almost a year on Wednesday after a coronavirus outbreak at the biggest nickel ore producer in the Philippines.

Nickel Asia Corp suspended operations at one of its four mines until Nov. 10 after 19 employees tested positive for the virus.

The Philippines is the top supplier of nickel ore to China, the biggest consumer of the metal used in stainless steel.

Benchmark three-month nickel on the London Metal Exchange (LME) was up 1% at $16,065 a tonne by 1201 GMT after touching its highest since November 2019 at $16,310.

Nickel prices have risen 50% from a low in March as global industry reopened.

"These supply issues have come to the fore just as stainless steel production in China strengthens in the fourth quarter," said independent analyst Robin Bhar.

Nickel's spectacular rally still has momentum, but prices will retreat as supplies rise and demand dwindles, analysts say. Analysts polled this month said nickel would average $15,157 a tonne in 2021.

The market, at roughly 2.4 million tonnes a year, had a surplus of 97,900 tonnes in the first eight months of 2020, according to the International Nickel Study Group (INSG).

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Branded Processed Pulses At Mumbai APMC Market- 26th No...
Burma-Domestic Urad Moves Higher in Major Mkts
Imported, Domestic Masoor Remains Unchanged in Major Mk...
Tur, Urad Extends Gain in Delhi, M.P Masoor Eases
Gujarat's 2020-21 Chana Sowing Higher Y/Y Till Nov 23
Top 5 News
Indian Turmeric Trade Unfazed by Sri Lankan Ban
Indian Govt. reduces import duty in CPO by 10% effectiv...
Rice steadies in Punjab, Delhi, Haryana millers raise p...
Cotton Prices Hold Steady in A.P-Telangana; Andhra Prad...
Branded Processed Pulses At Mumbai APMC Market- 26th No...
Top 5 Special Reports
USD/INR (Dec ‘20) – Bearish Price Trend / More Downside...
USD/INR (Dec ‘20) – Bearish Price Trend / More Downside...
USD/INR (Nov ‘20) – Consolidating Near Key Support (74....
Copyright © CC Commodity Info Services LLP. All rights reserved.