AIRLINK 62.60 Increased By ▲ 2.17 (3.59%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.55 Decreased By ▼ -0.05 (-1.09%)
DFML 15.55 Increased By ▲ 0.71 (4.78%)
DGKC 66.33 Increased By ▲ 1.53 (2.36%)
FCCL 17.55 Increased By ▲ 0.69 (4.09%)
FFBL 27.90 Increased By ▲ 3.15 (12.73%)
FFL 9.30 Increased By ▲ 0.24 (2.65%)
GGL 10.09 Increased By ▲ 0.13 (1.31%)
HBL 105.75 Increased By ▲ 1.54 (1.48%)
HUBC 122.16 Increased By ▲ 4.64 (3.95%)
HUMNL 6.62 Increased By ▲ 0.08 (1.22%)
KEL 4.47 Decreased By ▼ -0.08 (-1.76%)
KOSM 4.44 Decreased By ▼ -0.13 (-2.84%)
MLCF 36.25 Increased By ▲ 0.84 (2.37%)
OGDC 122.62 Increased By ▲ 0.23 (0.19%)
PAEL 23.03 Increased By ▲ 1.12 (5.11%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.84 Decreased By ▼ -0.10 (-1.68%)
PPL 106.79 Decreased By ▼ -0.58 (-0.54%)
PRL 27.12 Increased By ▲ 0.61 (2.3%)
PTC 18.40 Increased By ▲ 2.30 (14.29%)
SEARL 52.99 Decreased By ▼ -0.64 (-1.19%)
SNGP 63.05 Increased By ▲ 1.85 (3.02%)
SSGC 10.81 Increased By ▲ 0.06 (0.56%)
TELE 9.35 Increased By ▲ 0.86 (10.13%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 71.10 Increased By ▲ 1.19 (1.7%)
UNITY 23.76 Increased By ▲ 0.25 (1.06%)
WTL 1.29 Increased By ▲ 0.01 (0.78%)
BR100 6,942 Increased By 64 (0.93%)
BR30 22,803 Increased By 234.6 (1.04%)
KSE100 67,147 Increased By 599.4 (0.9%)
KSE30 22,091 Increased By 176.5 (0.81%)

SINGAPORE: Shanghai nickel jumped to a record high on Tuesday, after top supplier Indonesia said it would ban exports of nickel ore from next year.

The most-traded nickel contract on the Shanghai Futures Exchange rose as much as 6.5% to 145,850 yuan ($20,563.11) a tonne, while London nickel was up 0.3% at $18,115 a tonne by 0152 GMT.

Nickel ore exporters from Indonesia will have to stop all shipments from Jan. 1, 2020, regardless of any standing contract, two years earlier than initially indicated and sparking fears of supply shortages for the stainless steel industry.

FUNDAMENTALS

* PRICES: London copper rose 0.3%, aluminium advanced 0.3%, while zinc dipped 0.1%. Shanghai copper  dropped 0.5%, aluminium edged up 0.3% and tin  jumped 1%.

* NICKEL SPREAD: The premium of LME nickel cash over the three month contract <MNI0-3> has dropped to $58 a tonne from $104 in the previous session, indicating that tight supply has relaxed slightly.

* PHILIPPINE NICKEL: Philippine nickel mining companies are likely to boost production next year when Indonesia bans exports of the ore, but may still not be able to fill up the ore supply gap.

* INDONESIAN NPI: Indonesia may be able to plug an expected shortfall in nickel pig iron (NPI) supplies, caused by its nickel ore export ban starting next year, by boosting its own capacity to replace China's NPI output.

* TRADE FRICTIONS: China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, saying the latest tariff actions violated the consensus reached by Chinese and U.S. leaders in a meeting in Osaka.

* CHINA: A credit-fuelled stimulus splurge could hurt China's credit rating more than the immediate hit from U.S. trade tariffs, S&P Global's main analyst for the country says.

* LITHIUM: Having raced to ramp up lithium production over the past five years to exploit surging prices, Australian producers are now scrambling to cut supplies as prices plummet on falling demand in the world's top electric vehicle market. [nL3N25T41A

* For the top stories in metals and other news, click

MARKETS NEWS

* Global stocks were hit by U.S.-China trade frictions while the British pound flirted with 2 1/2-year lows as Prime Minister Boris Johnson indicated he could call an election to stymie lawmakers' efforts to avert a no-deal Brexit.

Copyright Reuters, 2019

Comments

Comments are closed.