Australian Mines LTD (AMSLF)

[GetRich902902]

Nickel on track to close above tin for the 1st time in 9 years

London nickel prices on Tuesday were on track to close higher than tin prices for the first time since September 2010, buoyed by a recent rally in nickel prices and declines in tin prices.

Nickel on the London Metal Exchange (LME) rose as much as 1.6% to $15,910 a tonne in early Asian trading, surpassing the tin contract, which hit a fresh three-year low of $15,765 a tonne.

If nickel closes above tin on the LME, it would be the first time since Sept. 15, 2010, according to Refinitiv Eikon data.

Nickel has been a rising star in the base metals complex, soaring nearly 50% so far this year on the LME, boosted by worries of supply disruption, solid demand and technical trading.

LME tin, the worst performer among all base metals, has lost 19% so far this year due to weak demand. China’s tin smelters recently cut production due to sluggish sales, low processing fees and reduced availability of ore.

“I have never seen this during my career. Finally. But it is by tin price going down. It should be by nickel prices going up,” said Yim Suk Jae, a manager at STX Corp, which handles supply from the Ambatovy nickel and cobalt project.


There is a big demand for nickel now and for the foreseeable future. Australian Mines LTD (AMSLF) has plenty of nickel. AMSLF will be a big nickel player in the future.

https://www.cnbc.com/2019/08/27/reuters-america-metals-nickel-on-track-to-close-above-tin-for-the-1st-time-in-9-years.html