August 12, 2019 / 2:03 AM / 3 months ago

METALS-Nickel rally resumes amid Indonesia ore ban fears

    BEIJING, Aug 12 (Reuters) - London nickel prices rose
sharply in volatile Asian trade early on Monday as speculation
continued that key producer Indonesia is about to bring forward
a ban on mineral ore exports that was previously set to start in
    The metal used to make stainless steel hit a 16-month high
last Thursday before shedding 2.1% on Friday.
    Jakarta is discussing bringing forward the ban but no
decision has been made on such a move, Indonesia's trade
minister, Enggartiasto Lukita, said on Friday.
    * NICKEL: Three-month nickel on the London Metal Exchange
 rose as much as 3.8% to $16,145 a tonne and stood at
$16,125 a tonne as of 0149 GMT, below the 16-month high of
$16,690 struck last Thursday. The most-traded October nickel
contract on the Shanghai Futures Exchange edged down 
0.1% to 125,810 yuan ($17,816.83) a tonne.
    * VOLUMES: Trading volumes in the October ShFE nickel
contract had surged past 1 million lots by 0130 GMT, already
surpassing the 30-day average for a full day's trade.
    * COLUMN: Indonesian supply fears stoke brutal LME nickel
battle: Andy Home
    * OTHER METALS: Lead was the second-biggest gainer
in the LME complex, adding 1.6% to a two-week high of $2,100 a
tonne, while copper was flat at $5,755 a tonne and tin
 shed 0.7%. ShFE zinc slipped 1.2% and tin
 fell 1.6%.
    * COPPER: Peru on Friday suspended a recently issued
construction permit for Southern Copper's Tia Maria mine, a
project that has triggered violent protests by nearby residents.

    * ARIZONA:  Rio Tinto on Friday said it had
moved a step closer to the development of a new copper project
in Arizona, one of the few new major known deposits of the
metal, with the potential to meet around a quarter of U.S.
    * MOLY: Fresh from closing a $518 million acquisition,
metals firm China Molybdenum Co remains
open to deals that would boost business in the booming electric
vehicle battery sector, the company's chief executive said on
    * For the top stories in metals and other news, click       
    * Asian shares fell, while gold prices held firm as
investors worried a prolonged Sino-U.S. trade war could tip the
world and U.S. economies into recession.    
 BASE METALS PRICES                       0151 GMT
 Three month LME copper                       5755
 Most active ShFE copper                     46610
 Three month LME aluminium                    1778
 Most active ShFE aluminium                  13965
 Three month LME zinc                       2240.5
 Most active ShFE zinc                       18405
 Three month LME lead                       2093.5
 Most active ShFE lead                       16955
 Three month LME nickel                      15900
 Most active ShFE nickel                    124870
 Three month LME tin                         16790
 Most active ShFE tin                       133230
($1 = 7.0613 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
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