Aluminum price to average 6% higher in 2024 on strong demand: Fitch
Analysts also raised its 2024 aluminum price forecast from $2,400/tonne to $2,450/tonne to reflect these expectations.
Nickel and tin prices in Shanghai declined on Wednesday, as investors eyed more mining output from main producer Indonesia after the country said it will accelerate its approval process.
The most-traded May nickel contract on the Shanghai Futures Exchange (SHFE) closed day-time trade 2% lower to a nearly two-week low at 136,450 yuan ($18,953.23) per metric ton.
The most-traded April tin contract fell 2.6% to 224,430 yuan per ton, after dropping as much as 3% – the biggest loss in three months – earlier in the session.
Prices of the metals in London fell on Tuesday after a senior Indonesian mining ministry official said the country had issued production quotas of 152.62 million tons of nickel ore and 44,481.63 tons of tin so far this year, and was working to accelerate the approval process.
The delayed issuance had sparked fears of supply tightness, supporting prices over the past few months.
“Signs of faster approval and better supply offset recently improved demand supported by better stainless steel production,” Hongyuan Futures analysts noted.
Nickel, a key metal for stainless steel and battery production, is plagued by a global supply glut. An executive at Vale said on Tuesday the market would swing to a deficit by 2028.
Three-month nickel on the London Metal Exchange rebounded 0.4% to $17,465 per ton by 0821 GMT, while LME tin was down 0.3% at $27,365 per ton.
Comments