Oct 28 (Reuters) - Shanghai nickel prices rose on Wednesday to their highest in nearly two months, boosted by supply worries after the Philippines’ top nickel ore producer and exporter suspended operations at its mine following an outbreak of COVID-19.
The most-traded December nickel contract on the Shanghai Futures Exchange jumped as much as 3.2% to 122,680 yuan ($18,302.53) a tonne, its highest since Sept. 3.
Three-month nickel on the London Metal Exchange advanced 0.8% to $16,040 a tonne at 0340 GMT.
Nickel Asia Corp suspended until Nov. 10 operations at Hinatuan mine after 19 employees tested positive for COVID-19. Last year, the mine accounted for 11% of the company’s total ore sales volume.
* LME copper dipped 0.1% to $6,970 a tonne and aluminium fell 0.3% to $1,816 a tonne. In Shanghai, copper rose 0.3% to 51,700 yuan a tonne and lead advanced 1.2% to 14,400 yuan a tonne.
* Nickel’s spectacular rally over the last month, fuelled by ore shortages and robust demand from China’s stainless steel mills, still has momentum, but prices will retreat as supplies rise and demand dwindles.
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* Global shares slipped as coronavirus infections grew at an alarming pace in the United States and Europe, while uncertainty over next week’s U.S. elections added to a “risk off” tone.
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Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.7029 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)
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