SHANGHAI, Sep. 6 (SMM) – Mines are loading ships according to plans after Indonesia added nickel ore export quotas at the end of July. Mine owned by Macrolink and Antam may obtain export quota for nickel ore. So, shorts are beginning to enter. Philippine President agreed to maintain ban on open-pit mining and proposed to give mines time to find other ways to extract ore. SMM understands that market players should not pin too much hope on environmental crackdowns in the Philippines.
LME nickel will fall back further today, while SHFE 1801 nickel should move at RMB 93,600-95,000/mt today. Spot nickel prices will be RMB 93,000-94,400/mt in domestic market.
Key Macroeconomic Indicators for Base Metal Prices (2017-9-6)