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Nickel fall on Monday, the market focus on the Philippine mining review results on Tuesday

by:Deyuan      2020-12-23
Melbourne - on September 26th London metal exchange ( LME) Nickel contracts fall on Monday, Friday because of concern about the Philippines may close more nickel ore, stimulate high prices hit for six weeks.

by 0930 GMT, LME nickel fell 1. 8%, to $10470 per ton; The contract on Friday at a six week hit a high of $10715, and posted its biggest weekly gain since July.

the Philippine government will publish review results on Tuesday, is expected to have more mines were closed danger, most of which are nickel ore.

since July began to review, Philippine authorities have closed 10 mines, is one of the eight nickel ore. More than 90% of the total nickel ore imports in China are from the Philippines.

sundance bank ( DanskeBank) Commodity analysts JensPedersen said: & other; Over the past month, nickel prices strong gains, it is also a nickel metal is by the reason of the more serious impact than others. ”

Pederson said, there are two opposite factors affect prices.

he said, adding that & other; On the one hand, the relatively weak demand on price, but on the other hand, mining integration and gives market fundamentals. ”

in addition, according to data released on Thursday, China's nickel ore imports 13-month high in August of 4. 3 million tons, with traders supply is expected to be tight, so stock up in advance.

the LME copper fell 0. 3% to 4840 per ton. Fifty dollars.

MarexSpectron DeePerera analysts said, & other; Mining review published the results of the Philippines was postponed three times, the overall market that mines closed limited impact. ”

technology, Perera says, the support of nickel about $10440, then in the 10300 - The $10350 range.

in addition, the LME three-month copper fell 0. 3%, to 4840 per ton. Fifty dollars.
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