Aug 17 (Reuters) - Nickel prices advanced on Monday, with
Shanghai nickel set for its third straight session of gains, as
ore output from top exporter the Philippines slumped in the
first half of 2020 due to the COVID-19 crisis.
The most-traded October nickel contract on the Shanghai
Futures Exchange SNIcv1 climbed 1.6% to 114,980 yuan
($16,565.34) a tonne by 0300 GMT, while three-month nickel on
the London Metal Exchange CMNI3 rose 0.9% to $14,500 a tonne.
The Philippines' nickel ore output in January-June dropped
28% year-on-year to 102,310 tonnes of nickel content, data from
the Mines and Geosciences Bureau showed.
However, the two biggest nickel miners in the Philippines
said they do not expect further major disruptions to their
operations for the remainder of the year, even as coronavirus
cases surge in the country. Solid industrial data from top consumer China, meanwhile,
boosted demand optimism for the metal, used mostly in making
stainless steel.
FUNDAMENTALS
* Nickel ore prices at Philippine ports SMM-NIC-NLOLYGP
were hovering at their highest level in eight and a half months
at $10.25 a tonne, SMM data showed.
* ShFE stainless steel futures SHSScv1 climbed as much as
4.2% to 14,775 yuan a tonne.
* China's Contemporary Amperex Technology Co Ltd 300750.SZ
is developing a new type of electric vehicle battery that
contains no nickel or cobalt. * LME copper CMCU3 advanced 0.3% to $6,383 a tonne,
aluminium CMAL3 rose 0.2% to $1,749 a tonne, while ShFE copper
SCFcv1 increased 1% to 50,390 yuan a tonne and ShFE aluminium
SAFcv1 eased 0.8% to 14,250 yuan a tonne.
* For the top stories in metals and other news, click
TOP/MTL or MET/L
MARKETS NEWS
* Asian shares dozed near recent highs in quiet trade as
investors waited to see if the recent sell-off in longer-dated
U.S. Treasuries would extend.. MKTS/GLOB
DATA/EVENTS (GMT)
1000 EU Reserve Assets Total July
($1 = 6.9410 yuan)