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Nickel under pressure due to restarts

The nickel price was under pressure with restarts on the cards at Nornickel and Ambatovy, closing down more than 1% on the London Metal Exchange.
Nickel under pressure due to restarts Nickel under pressure due to restarts Nickel under pressure due to restarts Nickel under pressure due to restarts Nickel under pressure due to restarts

Sumitomo says the Ambatovy joint venture in Madagascar is ramping up after a year-long suspension

Staff reporter

After a year-long suspension due to COVID-19, Sumitomo said yesterday it had restarted and was ramping up production at one of the world's largest nickel operations, the Ambatovy joint venture in Madagascar. 

"With the recent rise in COVID-19 cases in Madagascar, we will continue to monitor and take all possible measures to ensure the safety of employees and their families, and to achieve stable operation," president and CEO Masayuki Hyodo said.

Norilsk Nickel said it had stemmed flooding at its Oktyabrsky mine and would restart it and Taimyrsky in Russia's far north later this quarter.

Sumitomo closed up 1.6% in Japan and Nornickel gained 4.87% in London.

Bolivia-focused silver producer Andean Precious Metals (TSXV: APM) was the standout in Toronto, closing up 100% to C$2 on its debut yesterday on the TSX Venture Exchange.

Gold was lower than at this point yesterday, around US$1,712 an ounce on the spot market, as the US dollar strengthened.

Finally, futures were pointing to a positive day on key markets.