BASE METALS

"Battery sector demand [is the] most intriguing long-term growth story"

Russia's nickel giant Norilsk remains generally positive on the outlook for the metal, based on what it sees as continuing uncertainties around supply and a long-term picture of strengthening demand. While exchange (including London) nickel inventories remain at historically high levels and present a formidable obstacle to any price breakout, Norilsk noted this week the average LME nickel price in the first half of 2017 was US$9,761 a tonne, up 10% year-on-year.