SHANGHAI, May 26 (SMM) – On Tuesday, the Philippine government troops exchanged heavy gunfire with Islamist insurgents in Marawi, and Philippines President Rodrigo Duterte declared martial law on the entire island of Mindanao for 60 days.
How Much Further Can Nickel Ore Fall? SMM Reports
The Mindanao island is one of major nickel ore producing regions in the southern part of the country, and nickel ore’s mining and transportation may be affected by the declaration.
“The martial law is not expected to lend big support to nickel ore and nickel prices due to continuous declines in nickel market, low buying interest from NPI producers and sufficient ore supply,” SMM nickel analyst points out.
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At the press time, LME nickel fell for four days in a row, with losses more than 3 per cent.
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