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On September 27, the LME metals were reviewed

by:Deyuan      2020-12-23
On September 27, news of London, London metal exchange ( LME) Hit a seven weeks of high nickel on Tuesday, for the Philippine government for violations of environmental rules, suggested that shut down more mines, investors increasingly worry about tightening supplies.

London time on September 27, 16:00 ( Beijing time on September 28 00:00) The LME three-month nickel rose 0. Earlier 9%, to $10630 per ton, as high as $10900.

the Philippines is the world's largest nickel ore suppliers. The Philippine government officials said on Tuesday that the country's 20 mines shut down again, most of them are nickel, due to its violation of environmental laws and regulations. At this point, the Philippines has shut down 30 mines. According to the production of last year, was temporarily shut down production of the mine 55 of the Philippines nickel ore production. 5%.

citigroup analyst DavidWilson said: & other; Closed mines is a big news today, but we have to wait and see what the long-term effects that may occur. ”

” Closure is permanent, whether they have time to solve the problem? Some mines were not told what's the problem, in general, they always abide by the laws and regulations. ”

China is the world's largest consumer of nickel. Global nickel supply about two-thirds were used in the manufacture of stainless steel.

, an analyst at Goldman sachs expect about 22. 30000 tons of nickel minerals or could be shut down 11% of the world's supply.

the Philippines LeoJasareno, vice-minister of environmental and natural resources at a news conference, said every was forced out of the mine will receive a review report, and will give seven days time & other; Explain why the violation & throughout; 。

he said & other; We will review the miners how to reply to decide whether to implement production. ” He added the miners can appeal.

Goldman said: & other; Suggesting that eventually times audit was suspended because of supply to be less than the level of announced, theoretically possible to 0 - 180000 tons. ”

analysts also said the boost of nickel prices may be reduced, because the market realize the Philippines this year for nickel production has been reduced and replaced by Indonesian nickel and iron.

the three-month copper closed down 1. 1%, to $4787, partly because of a stronger dollar. The rising dollar makes dollar-denominated commodity prices for buyers holding other currencies higher.

copper also dragged down by the concerns of the market oversupply quantity will increase, due to supply more than expected this year.

the three-month aluminum lower to 0. 5%, to $1651.

the three-month tin ended flat, at $19725 per ton.

the three-month zinc closed up 1. 3%, to $2320 per ton.

the three-month lead close jumped 0. 9%, to $1966 per ton.
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