This article is 4 years old. Images might not display.
Vale this week cut its 2021 nickel outlook from an estimated 200,000t to 165,000-170,000t, due in part to the earlier strike at Sudbury and the recent suspension of Onca Puma.
Adding to supply constraints, Norilsk Nickel reported lower output in the September quarter and the Philippines said production might be 10% less than the annual average, Bloomberg reported.
Spot nickel rose 4.55% to US$21,046/t on the LME, its highest point since 2014.
Market futures were mixed as concerns swirl around China's Evergrande.
The property developer resumes trading in Hong Kong today, after yesterday telling the exchange "there is no guarantee that the group will be able to meet its financial obligations".
Gold and copper equities had a positive day in Toronto, where Centerra Gold (TSX: CG) gained 2.97% and copper producer Capstone Mining gained 7%.
Nickel miners gained in morning Australian trade, with IGO up more than 2.5%.
Finally, Rio Tinto closed down 3.26% in London after announcing accelerated decarbonisation plans at its Capital Markets day.
