Nickel Rises Most in Two Weeks on Colombia Supply Concern Nov...

Nickel Rises Most in Two Weeks on Colombia Supply Concern Nov 12, 2014 Bloomberg

Nickel rose the most in two weeks as workers at a BHP Billiton Plc. mine in Colombia threatened to go on strike, spurring supply concerns. Employees opposing the extension of work shift to 12 hours from eight hours may walk out if the Colombia ministry of labor does not intervene, the union said yesterday. A nickel supply deficit may widen to as much as 107,000 metric tons next year after Indonesia banned shipments of unprocessed ores in January, according to Bloomberg Intelligence analysts Oliver Nugent and Kenneth Hoffman. The metal climbed “due to labor unrest at some mine facilities,” Michael Turek, a senior director at Societe Generale’s Newedge Group in New York, said in an e-mail. On the London Metal Exchange, nickel for delivery in three months advanced 1.4 percent to settle at $15,430 a ton at 5:51 p.m., the biggest gain since Oct. 28. The price has climbed 11 percent this year.