– Nickel for three-month delivery on the London Exchange rose 1.2% to $19,445/ton
– The price of nickel for November delivery on the Shanghai Exchange increased to $22,813.20/ton
– Aluminum prices increased 1.5% to 3,010 USD/ton, copper price increased 1.1% to 9,459 USD/ton and tin price increased 0.9% to 36,490 USD/ton.
Nickel prices on October 12 hit their highest in more than two weeks on worries about rising supplies amid growing power shortages in China and rising electricity costs in Europe, dwindling inventories of nickel.
Three-month nickel nickel on the London Metal Exchange rose 1.2% to $19,445 a tonne, its highest level since September 24.
The most-traded November nickel on the Shanghai Futures Exchange rose to CNY 146,860 (US$22,813.20) per ton, the highest increase since September 24.
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Refined nickel consumption increased sharply, but refined nickel inventories continued to decline.
Pervasive power shortages in China and higher electricity prices in Europe have reduced output in some sectors of the economy.
Kosovo’s sole nickel producer, Newco Ferronikeli, said it stopped producing nickel because of rising energy prices.
Nickel mills have been forced to cut output amid power shortages, and an increase in electricity prices is expected to reduce profit margins for many producers and potentially reduce margins, ANZ analysts China said. reduce supply.
Nickel stocks at London warehouses fell to 149,412 tonnes, their lowest level since December 2019. Nickel stocks at Shanghai warehouses last stood at 6,422 tonnes, hovering near a record low of 4,455 tonnes.
“It is difficult to see an increase in supply in October,” said brokerage Huatai Futures. Refined nickel consumption will remain strong but refined nickel inventories will continue to decline, raising concerns about nickel supply.
In Peru, a protest and blockade of Glencore’s Antapaccay mine was suspended after an agreement was reached and negotiations began to seek a new agreement.
The CEO of a Dutch company said Aldel is suspending primary aluminum production due to high electricity prices.
On the London bourse, aluminum prices rose 1.5% to $3,010 a tonne, copper rose 1.1% to $9,459 a tonne and tin rose 0.9% to $36,490 a tonne.
On the Shanghai floor, aluminum prices increased 0.8% to 23,105 CNY/ton, copper price increased 1.4% to CNY 70,260/ton, zinc price increased 1.7% to CNY 23,240/ton and tin price increased 2% to CNY 283,760. CNY/ton.
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