Nickel supply woes to ease as Philippine audit clears 23 mines: Angel Commodities BrokingViews of Ms. Kaynat Chainwala (Research Analyst - Base Metals, Angel Commodities Broking):
"Base metals have been weighed down by ongoing trade tensions between the US and China, igniting risks of a full blown trade war. In today's session as well, base metals are trading lower except Nickel, which has been cushioned by rise in Steel prices. However, the party may not last long for Nickel either as Philippine's government panel cleared 23 of 27 mines that were reviewed for compliance with state regulations, reducing uncertainty about potential supply disruptions at the world's second biggest nickel ore supplier.
The Mining Industry Coordinating Council reviewed all 27 mines that former Environment and Natural Resources Secretary Regina Lopez ordered closed or suspended last year for environmental breaches."