October 24, 2019 / 2:27 AM / a month ago

METALS-Nickel rises on Ramu nickel project shutdown in Papua New Guinea

SINGAPORE, Oct 24 (Reuters) - Nickel prices rose on Thursday, following shut down of a nickel project in Papua New Guinea after a slurry spill.

Papua New Guinea has closed Metallurgical Corporation of China’s Ramu nickel operations in the country for spilling slurry into a bay in August and “for not adhering to remedial measures”.

Three-month nickel on the London Metal Exchange (LME) rose 0.4% to $16,660 a tonne by 0204 GMT, while the most-traded nickel contract on the Shanghai Futures Exchange (ShFE) advanced 2.4% to 131,800 yuan ($18,665.91) a tonne.

FUNDAMENTALS

* NICKEL: The London Metal Exchange has asked members to report any unusual activity in nickel trading after prices lurched up and down in the wake of large transactions last week, sources familiar with the matter said.

* NPI: French miner and metals producer Eramet said on Wednesday its Weda Bay Nickel plant in Indonesia would start operation ahead of schedule in the first half of 2020, and it reiterated production targets for this year.

* PRICES: LME copper rose 0.1%, aluminium eased 0.1%, zinc rose 0.3% and lead fell 0.2%. ShFE copper rose 0.8%, aluminium advanced 0.4% while zinc eased 0.1% and lead fell 0.3%.

* COPPER: The copper market should see a deficit of 320,000 tonnes this year and a surplus of 281,000 tonnes in 2020, the International Copper Study Group said on Wednesday.

* CHILE: Chile’s Codelco, the world’s top copper miner, said it had resumed normal operations after its unionized workers struck a deal with government officials late on Wednesday to end a day-long walk-off amid a week of protests in Chile.

* LITHIUM: Australian lithium miner Galaxy Resources Ltd said on Thursday it will scale back operations at its Mt Cattlin mine, as the sector faces pressure from weak pricing and lower than expected demand from China.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares pulled ahead with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-U.S. trade war while Brexit uncertainties kept overall sentiment in check.

DATA/EVENTS (GMT)

0815 France Markit Mfg, Serv, Comp Flash PMIs Oct

0830 Germany Markit Mfg, Serv, Comp Flash PMIs Oct

0900 EU Markit Mfg, Serv, Comp Flash PMIs Oct

1145 EU ECB Refinancing Rate Oct

1145 EU ECB Deposit Rate Oct

1230 Germany ECB President Mario Draghi holds a press

conference after interest rate meeting.

Governing Council of the ECB holds monetary

policy meeting.

1230 US Durable goods Sept

1230 US Initial Jobless Claims Weekly

1345 US Markit Mfg, Serv, Comp PMIs Oct

1400 US New Home Sales-Units Sept

PRICES

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 = 7.0610 Chinese yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below