(Add quotes, update prices)
By Mai Nguyen
17 Aug (Reuters) – Nickel costs rose on Monday as Shanghai steel futures headed for its third direct profit query, while ore production in the Philippines fell due to the COVID-19 crisis.
The maximum nickel contract traded in October on the Shanghai Futures Exchange rose 1.9% to 115290 yuan ($16,613.59) a tonne at 0532 GMT, while the three-month nickel on the London Metal Exchange rose 1.1% to $14520 a tonne.
The nickel content of minerals extracted through miners in the Philippines, the world’s largest material exporter, fell 28% year-on-year to 102,310 tonnes in the first part of 2020, according to the knowledge of the Office of Mines and Geosciences.
However, the two largest nickel miners in the Philippines said they expected additional primary disruptions in their operations for the rest of the year, even when cases of coronavirus accumulate in the country.
A number of optimistic economic knowledge published this month through China, the largest consumer, also supported prices, and higher car sales and factory activity suggest that the economy is recovering from the coronavirus lows.
“It turns out that the value of nickel continues to rise thanks to the optimism of smart (Chinese) industry figures,” said one nickel trader, adding that the current rainy season in the Philippines can have an effect on supply.
Nickel ore values in Philippine ports SMM-NIC-NLOLYGP reached their point in eight and a half months at $10.25, consistent with the ton, as shown by the knowledge of the SMM steel value supplier.
ShFE stainless steel futures rose 4.2% to 14,775 yuan in line with the ton.
New Chinese company Amperex Technology Co Ltd introduces a new type of battery for electric vehicles that does not contain nickel or cobalt.
The LME coefficient consistent with rose 0.6% to $6,402.50 consistent with the ton, aluminum rose 0.2% to $1,749.50 consistent with ton, while Copconsistent ShFE increased 1.2% to 50,490 yuan consistent with ton and ShFE aluminum decreased 0.5% to 14,305 yuan consistent with ton.
For metal news and updates, click or
All quotes were delayed for at least 15 minutes. See here for a complete list of operations and delays.
© 2020 Reuters. All rights reserved.