Nickel - Philippines mining ban causing major supply disruption fuels price rise

摘要

Nickel prices during September month showed more than 7% gains M/M basis with rising anticipation of mines shutdown in Philippines. On 27th September, LME nickel intraday day was $10,900/MT which was highest since 10th August, 2016. Nickel prices soared up since the Philippines government started mining audits to save their environment. After the end of first phase of mining audits, around 10 mines faced ban on environmental grounds out of which 8 were nickel ore mines. In between with switchover of Chinese imports from Philippines to Indonesia, prices started coming down during mid September. On monthly basis, nickel stocks dropped by more than 2% while the cancelled warrants jumped by around 3.50%, which was majorly supportive for the prices.