August 21, 2017

Base Metals Extend Best Rally in Three Years on Growth Optimism

(21 August 2017)

Industrial metals extended their longest weekly rally in three years, with nickel pacing gains and zinc reaching the highest in almost a decade as investors grew more optimistic about the outlook for supply and demand.

Sumitomo Metal Mining Co., Japan’s top nickel producer, widened its deficit forecast to 51,000 tons this year, from a May estimate of 4,000 tons, Masanori Ohyama, general manager for nickel sales said. The shortage reflects slowing Indonesian output of nickel pig iron, a lower-grade alternative to the refined metal, after a drop in prices earlier in the year, Ohyama said, adding that many producers still face tough conditions.

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STOCK QUOTES PSE: FNI (As of Sep 4, 2017) OPEN: 0.00 HIGH: 0.00 LOW: 0.00 CLOSE: 0.00 CHANGE: 0.00 (0.00%) VOLUME: 0