Nickel Rises First Time in Four Days on Glencore Project HaltDebarati Roy
Nickel rose for the first time in four sessions as a production halt at a nickel plant in New Caledonia rekindled supply concerns.
Glencore Plc suspended output at its Koniambo site after a leak, which was found on Dec. 26, the company said in a statement. Nickel has risen 8.5 percent this year, the most among six main metals traded on the London Metal Exchange, amid a ban on unprocessed-ore exports by Indonesia, the world’s biggest producer of the mined metal.
“Nickel is reacting to the production-suspension news,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. “Indonesian laws had already slowed supplies this year.”
Nickel for delivery in three months climbed 0.2 percent to settle at $15,075 a metric ton at 5:52 p.m. on the London Metal Exchange. Prices declined 3.8 percent in the previous three sessions.
Citigroup Inc. last month forecast a global deficit of 62,400 tons in 2015, expanding to 103,600 tons in 2016.
Copper for delivery in three months added 0.6 percent to $6,325 a ton ($2.87 a pound). Zinc, lead and tin climbed, while aluminum declined in London.
In New York, copper futures for March delivery gained 1.1 percent to $2.854 a pound on the Comex, the second straight increase.