Another third Wednesday out the way, nearly. Nickel was the...

Another third Wednesday out the way, nearly. Nickel was the largest gainer on the day as the Philippines sends early indications that up to another ten mines might face closures with confirmation to follow later this week. Shanghai nickel went crazy with heavy buying all day and notably on the late kerb. Metals led by copper got a boost from news that “U.S. home builder sentiment index highest in
11 months” although copper ran into fresh selling as it stalled for the fourth day at the overhead 50 day moving average.

NICKEL / STAINLESS STEEL / IRON ORE

Below sums it up, what with happen in the Philippines? Shanghai were huge buyers today taking the LME higher in its wake. Nickel gained 4.7% on the day ending up $425 at $10,155 on good volume investor buying at nickel crashed up through the
10 day moving average. Shanghai arb I believe was also favourable.








Nickel Rebounds as Philippines Set to Raise Bar on Mining Audit

• Mining audit by government expected to be released this week
• Copper drops as Anglo American restarts Chilean mine

(Bloomberg) --Nickel rebounded from the biggest weekly slump in ten months after the Philippines said it wanted to raise the bar as part of a nationwide audit on mining due for release this week, threatening to disrupt supply.
The metal used in stainless steel gained as much as 2.3 percent to $9,950 a metric ton on the London Metal Exchange before trading at $9,925 as of 9:38 a.m. in Shanghai. It slumped 6.2 percent last week, the most since November, after the government postponed the announcement of the audit result to this week. In Shanghai, it gained 0.7 percent.
Nickel has gained 13 percent this year as the new Philippine administration started an audit of miners and suspended some suppliers. The environment department will recommend further actions on specific mine sites to ensure miners operate at the highest standards, Secretary Gina Lopez told ABS-CBN News Friday.
“The expectation on tightening of mining activities in the Philippines is always there” supporting nickel prices, Sam Xia, an analyst with China Merchants Futures Ltd., said by phone from Shenzhen. Ore supply will be further stretched in the country’s rainy season during October-to-April, Xia said.
Copper dropped as much as 1.2 percent to $4,732.50 a ton, falling from a four-week high as Anglo American Plc restarted operations after a strike at its Los Bronces mine in central Chile.
While copper has lagged behind its peers this year, a slew of Chinese data that signalled improving demand helped it to advance by 3.4 percent last week. In Chile, workers had accepted Anglo American’s latest offer, ending the week-long strike, union leader Eduardo Roco said on Friday. In Shanghai, it gained
1 percent.



Philippines Could Suspend 10 More Mines After Audit, Lopez Says

2016-09-19 05:26:37.963 GMT

By Bloomberg News
(Bloomberg) -- Philippines could tell more mines to stop operating, in addition to those already shuttered, as part of nationwide audit of industry, Environment and Natural Resources Secretary Gina Lopez says by phone.

* No more stop orders confirmed yet; closure of ten more mines is possible, Lopez says Monday
* Final “planning session” to confirm results of audit and plan further action will be held Wed.: Lopez
* READ: Philippine Mining Audit to Raise Bar on Standards, Lopez Says
* NOTE: Ten metals mines already suspended after failing environmental standards
* LME 3-mo. nickel +2% at $9,915/mt by 1:24pm in Shanghai after earlier +2.3% to $9,950/mt; fell 6.2% last week
* NOTE: Reuters reported Lopez comments earlier

To contact Bloomberg News staff for this story: Martin Ritchie in Shanghai at [email protected]






Thats enough of the news...............Back 2 watching the paint dry