Nickel Advances on Supply Concerns as Mining Shares Surge
- The Philippines may halt more nickel mines after audit
- Glencore, Norilsk Nickel, Rio Tinto shares are rising
This article is for subscribers only.
Nickel jumped the most in two months after the Philippines said it may suspend more mines as part of a nationwide audit that’s due for release this week. Glencore Plc and other mining shares also advanced.
Nickel has climbed 15 percent in 2016 as the Philippines shutters sites for failing to meet environmental standards, threatening supplies from the nation, the top supplier of the mined metal. The government could tell more mines to stop operating, Environment and Natural Resources Secretary Gina Lopez said in an interview with Bloomberg on Monday after similar comments to Reuters.