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Positive session for base metals

It was a positive session for base metals on the London Metal Exchange yesterday.
Positive session for base metals Positive session for base metals Positive session for base metals Positive session for base metals Positive session for base metals

There were special guests “all the way from the North Pole” at the NYSE opening bell ahead of the annual Thanksgiving Day parade

Staff reporter

Nickel jumped almost 2.7% to US$21,036 per tonne, while tin rose 2.8% to an all-time high of $41,118/t.

Tin's move followed Indonesia president Joko Widodo saying the country might stop tin exports in 2024 as part of efforts to attract investment into the resource processing industry and improve the country's external balance, according to a Reuters report.

Indonesia was set to stop bauxite exports next year and copper in 2023, the wire service said.

The International Tin Association said last week some 20,000t of new supply was likely to come online in the next decade, but investment in up to three times that "could be required to meet rising demand".

US markets are closed today for Thanksgiving today and have an early finish tomorrow.

Among the mining majors, precious metals producer Fresnillo fell 2.85% in London and Freeport-McMoRan was flat in New York.

Finally, Horizonte Minerals (TSX: HZM) lost 16% in Toronto after the company announced the result of the equity component of finance for its Araguaia ferro-nickel project in Brazil.