Nickel was set for its highest close in 2 weeks amid concern supply may be disrupted at the world’s second-largest mine as the dollar fell for a second day.
Workers at the Cerro Matoso nickel mine in Colombia will meet Nov. 21 to decide on their plans to strike, union president Domingo Hernandez said Nov. 14, Bloomberg News reported. The Bloomberg Dollar Spot Index, which tracks the dollar against a 10-currency basket, lost as much as 0.3%. A weaker dollar makes raw materials priced in greenbacks cheaper in terms of other currencies.
The union at the Cerro Matoso mine opposes extending shifts to 12 hours from eight. The group has asked a judge to overturn the new working hours and a decision will be made within 10 working days from Nov. 18, Hernandez said.
The price of Chinese primary nickel saw little change in its price last Friday at CNY 104,600 ($17,031) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,233) per metric ton.
For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,351) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,609) per metric ton.
Following a 2-day rise, the Indian nickel cash price flattened at INR 960.80 ($15.67). The 3-month price of nickel held steady last Friday on the LME, remaining around $15,610 per metric ton. The spot price of nickel flattened at $15,510 after two days of improvement on the LME.