Mumbai, 20 Mar (Commoditiescontrol):Shanghai nickel and tin prices fell about 2% on Wednesday, as concerns eased about supply from key producer Indonesia after a mining ministry official said the country was working to ramp up the approval process for issuing mining production quotas.
The most-traded May nickel contract on the Shanghai Futures Exchange declined 1.79% to 136,800 yuan ($19,001.93) per metric ton, while the most-traded April tin contract was down 2.46% to 224,830 yuan per ton.
London prices fell on Tuesday after a senior mining ministry official in Indonesia said the country had issued mining production quotas of 152.62 million metric tons of nickel ore and 44,481.63 tons of tin so far this year, and was working to accelerate the approval process.
The delayed issuance had sparked fears of supply tightness, pushing up metals prices over the past months.
Three-month nickel on the London Metal Exchange rebounded 0.25% to $17,425 per ton, while LME tin was up 0.5% at $27,400 per ton.
Investors are now focussing on the U.S. Federal Reserve's monetary policy meeting ending later in the day, which is expected to provide further clues about the pace at which it will likely lower interest rates this year.
LME copper added 0.28% to $9,001 per ton, aluminium ticked up 0.17% at $2,273, zinc was up 0.8% at $2,521.50 a ton, and lead rose 0.2% to $2,095.
SHFE copper slid 0.49% to 72,710 yuan per ton, zinc shed 0.16% to 21,215 yuan, aluminium was little changed at 19,285 yuan, while lead climbed 0.18% to 16,265 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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