for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

METALS-Shanghai nickel nears 2-mth high as Philippine mine halted by virus

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.

FUNDAMENTALS

* 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.

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

MARKETS NEWS

* 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.

DATA/EVENTS (GMT)

1045 Germany Economy Minister Peter Altmaier presents

the government’s biannual economic

projection in Berlin Bank of Japan holds

Monetary Policy Meeting (to Oct. 29)

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 = 6.7029 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up