Nickel prices rise on supply concerns in New Caledonia, Philippines
- French mining group Eramet warned that its nickel subsidiary SLN in the world's fourth-largest nickel producer New Caledonia risked going into liquidation within weeks if protests continued to disrupt its operations.
HANOI: Nickel prices rose on Wednesday on supply worries from top producers, following a mining ban on an island in the Philippines and protests at quarry sites in New Caledonia.
The most-traded March nickel contract on the Shanghai Futures Exchange rose 2.4% to 130,170 yuan ($20,165.76) a tonne at 0256 GMT, while three-month nickel on the London Metal Exchange advanced 0.2% to $17,705 a tonne.
French mining group Eramet warned that its nickel subsidiary SLN in the world's fourth-largest nickel producer New Caledonia risked going into liquidation within weeks if protests continued to disrupt its operations.
Meanwhile, a Philippine mining ban in Tumbagan Island in Languyan, in Tawi-Tawi province, home to some nickel projects, raised supply worries in the world's second-biggest producer and top exporter of nickel ore.
The order, however, does not cover Philippines's nickel hub in Caraga region.
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