Nickel price at lowest since 2021 on oversupply concerns
The global nickel market had a surplus of 23,900 metric tons in September.
The global nickel market had a surplus of 23,900 metric tons in September.
That compares with a surplus of 15,300 metric tons in August 2023.
Nickel is likely to see a surge of buying before and during an annual re-balancing in January of commodity indexes.
Share divestment is a condition required by Indonesia to extend Vale Indonesia's mining permit.
The amount of nickel to be supplied by Trafigura will range from about 20,000-40,000 metric tons per annum.
Key moves in the mining sector.
Each ton of nickel ore sales will be tracked using the SIMBARA portal starting next quarter.
The LME has drawn fire from all sides since a massive nickel short squeeze caused prices to quadruple in a few days in March 2022.
Panoramic is open to the total or partial sale of its Savannah mine, as nickel prices have fallen about one-third this year.
The company has only sufficient working capital to around mid-December 2023.