CHART OF THE DAY
[Pages:2]TUESDAY, SEPTEMBER 10, 2019
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CHART OF THE DAY
TOP NEWS
Philippines H1 nickel ore output rises 3% despite mine shutdowns Nickel ore output in the Philippines, one of the world's two biggest producers of the material for stainless steel and batteries, rose 3% in the first half despite zero production at more than half the country's mines, government data showed. The Southeast Asian country, which sells most of its nickel ore to top buyer China, produced 11.31 million dry metric tonnes of the material between January and June, compared with 11.01 million tonnes in the same period last year, the Mines and Geosciences Bureau (MGB) said on Tuesday.
Philippine nickel miner to expand to cash in on Indonesia export ban Marcventures Holdings Inc said on Tuesday it plans to develop and put a new mine into commercial operation by 2021, as the Philippine nickel ore producer seeks to take advantage of Indonesia's ban on exports of the raw material. Indonesia has decided to stop nickel ore exports from Jan. 1, 2020, two years earlier than initially flagged as it speeds up efforts to process more of its resources at home.
COLUMN-Copper finely poised between negative macro and robust micro: Andy Home Copper last week hit a year-to-date low of $5,518 per tonne in the London market as the macroeconomic picture becomes ever gloomier. Funds remain heavily short, betting that copper demand is set to worsen amid what is looking like a synchronised downturn in the global manufacturing sector.
Russia's Alrosa seeks to brighten up its fluorescent diamond sales Russia's Alrosa is talking to several global jewellery retailers about jointly marketing the miner's jewellery brand that uses fluorescent diamonds, as it strives to create a new niche for the natural stones. Diamond miners, which have long excelled at marketing, are seeking new approaches to battle falling demand and competition from diamonds manufactured in laboratories.
First Cobalt favors quick restart of Canadian refinery First Cobalt Corp favors a quick restart of its idled cobalt refinery in Canada and will begin assessing the plant's condition next week, Chief Executive Trent Mell said on Monday. The Toronto-based company has secured agreements under which commodity trader Glencore Plc would supply cobalt feedstock to the plant, with initial production targeted of about 2,000 to 2,500 tonnes per year.
MARKET NEWS
Gold prices fell for a fourth straight session as risk appetite remained buoyed by better-than-expected economic data, which suggested that the global economy was perhaps not doing as badly as previously assumed. Shanghai nickel rose sharply as supply shortage fears persisted after top miner Indonesia expedited a ban on nickel ore exports, while market participants awaited clues on alternative supply plans from a key conference in Jakarta. The yen and swiss franc fell to five-week troughs as investors looked for higher-risk currencies, emboldened by a report of German stimulus plans, diminishing chances of a no-deal Brexit and hopes of a trade war breakthrough.
The Financial and Risk business of Thomson Reuters is now Refinitiv. (Inside Metals is compiled by Jesse Vinay A in Bengaluru) For questions or comments about this report, contact: commodity.briefs@ To subscribe to Metals newsletter, click here.
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