The supply and demand balance in both nickel and copper markets is expected at a surplus this year despite lower output due to the Covid-19 pandemic, Brazilian mining company Vale said in its first-quarter earnings report on Tuesday April 28.
Supply of finished nickel, for example, is forecast to have declined by 12,000-15,000 tonnes in the first quarter because of coronavirus-related closures and output cuts, Vale added. Operations in South Africa, Madagascar, Canada, Colombia and the Philippines were affected, the company stated.The impact on copper production was more significant, slashing...