MCX BASE METAL UPDATE
As per MCX www.crudeoperator.com intraday research Mumbai base company report for :
Supply troubles propelled nickel to two-month highs
MCX Nickel prices rose to two-month highs on mounting concerns about supplies after the suspension of mines in top ore producer the Philippines and its decision to cancel contracts for undeveloped mines. The Philippines this week ordered the cancellation of 75 mineral production-sharing agreements as developing them would threaten water supplies. That came after the closure or suspension of 28 of the country’s 41 mines. Indonesia eased a three-year ban on nickel ore exports in January. However, analysts say the rules accompanying the relaxation on using local smelter capacity to process low-grade ore is a hurdle that some firms may not be able to jump. Stocks of nickel in LMEapproved warehouses stand at around 380,000 tonnes, while those in warehouses monitored by the Shanghai Futures Exchange total 89,000 tonnes. They account for more than 20 percent of global consumption estimated at roughly 2 million tonnes this year. Elsewhere, copper closed lower on profit-taking after a failure to build on a recent rally, which took prices to a 21-month high of $6,204 this week. Copper’s gains have been fuelled by a strike at BHP Billiton’s Escondida mine in Chile and a lack of permits for exports from Freeport McMoRan’s Grasberg mine in Indonesia.
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