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#Nickel hits highest in nearly 9 months on Philippine supply concerns SPONSOR Tartisan #Nickel $TN.ca $ROX.ca $FF.ca $EDG.ca $AGL.ca $ANZ.ca

Posted by AGORACOM-JC at 5:48 PM on Monday, August 17th, 2020

SPONSOR: Tartisan Nickel (TN:CSE)  Kenbridge Property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper. Tartisan also has interests in Peru, including an equity stake in Eloro Resources and 2 percent NSR in their La Victoria property. Click her for more information

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Nickel hits highest in nearly 9 months on Philippine supply concerns

  • Nickel prices surged to their highest in nearly nine months on Monday on concern over supply from the Philippines, the leading exporter of the stainless steel raw material
  • Copper and most other industrial metals also pushed higher after the central bank of top commodities consumer China injected fresh funds into the financial system

(Updates with official prices) By Eric Onstad LONDON, Aug 17 (Reuters) – Nickel prices surged to their highest in nearly nine months on Monday on concern over supply from the Philippines, the leading exporter of the stainless steel raw material. Copper and most other industrial metals also pushed higher after the central bank of top commodities consumer China injected fresh funds into the financial system. “This remains a liquidity-driven market. Most investors are still expecting the Chinese economy to perform well in the future, so they see good reason to stick to the bullish side of the market,” said Gianclaudio Torlizzi, a partner at Milan consultancy T-Commodity. Three-month nickel on the London Metal Exchange (LME) climbed 1.6% to $14,602 a tonne in official trading after hitting $14,665, its strongest since Nov. 25. Nickel ore output from the Philippines, the world’s biggest exporter of the material, dropped 28% year on year to 102,310 tonnes by metal content over January-June, data showed.
* Also supporting nickel were strong ShFE stainless steel futures , which climbed as much as 4.2% to 14,775 yuan a tonne. Most nickel is used as an alloy to make stainless steel.
* Nickel ore prices at Philippine ports were hovering at their highest in eight and a half months at $10.25 a tonne, data from metals prices provider SMM showed.
* LME copper advanced 1% to $6,428 a tonne, though T-Commodity’s Torlizzi was wary of the strong recent gains that have lifted the price by 47% since March and prompted him to take a short position. “We think the risk of being long here is high and is very vulnerable to disappointment.”
* LME copper stocks sank to their lowest levels in more than 12 years to 110,000 tonnes.

* LME zinc jumped 2.4% in official activity to its highest in nearly seven months at $2,423.50 a tonne as aluminium rose 0.6% to $1,757. Lead gained 1.2% to $1,973.50, its strongest since Jan. 23, but tin shed 1% to $17,426.
* For the top stories in metals and other news, click or . ($1 = 6.9382 yuan) (Additional reporting by Mai Nguyen Editing by Jan Harvey and David Goodman)

Source: https://www.kitco.com/news/2020-08-17/METALS-Nickel-hits-highest-in-nearly-9-months-on-Philippine-supply-concerns.html

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