Despite its potential impact on nickel ore supply, the latest development in the Philippine mining industry is having lesser impact on Shanghai Futures Exchange nickel prices while market participants focus on demand-side issues.
SHFE nickel prices have trended down since the most-traded SHFE July nickel contract hit a high of 109,790 yuan ($17,396) per tonne on April 18, the highest since May 2015. The contract closed at 103,300 yuan per tonne during the day trading session on Wednesday April 25. SHFE nickel prices have largely ignored news which emerged this week that the Philippine government is planning to limit the amount of land nickel miners can develop on at any one time, in a bid to boost environmental rehabilitation. This new mining curb indicates miners will be limited to a production range of 50-162 hectares at any one time, depending on the size of production and whether...