SHANGHAI, Oct. 10 (SMM) – It is a monsoon season from October to late March or early April in Surigao, the Philippines. Will the arrival of the monsoon season in the region drive up nickel prices?
According to SMM’s online opinion poll, 77 per cent of respondents are optimistic towards nickel price in October.
“Any news on supply side in the Philippines will play a big role on nickel price since the country has become the leading supplier of ore after Indonesia’s export ban on unprocessed ores”, an analyst from Nanhua Futures told SMM in a recent interview.
However, the rapid growth of LME nickel inventories, weak consumption in China, and high stocks at Chinese ports will also prevent nickel price from rising sharply in the short term, he added.
SMM also expects that nickel price may stage big rallies in December following the consumption of ore at ports and the monsoon season factor in the Philippines.
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