Sizeable output cuts will help shore up nickel prices, which are likely to have reached a bottom after a year-long slide.

The red metal declined earlier after official statistics showed Chinese consumer prices down more than the median economist forecast.

The miners believe manufacturers will absorb extra costs due to new ESG-related legislation and tax incentives like the IRA.

Iron ore has reached “unreasonable” levels that are hurting Chinese steel mills, according to China Mineral Resources Group.

The miner has offered to sell copper at a premium of $89 a metric ton to major Chinese clients for its 2024 contracts, a drop of 36% from this year.

Also weighing on sentiment was news of unseasonably cold weather and blizzards hitting northeast China.

China topped up its gold holdings for a 12th straight month in October.