Base metals on the rise

NICKEL led the gains among base metals this week on news the Philippines has banned mining on a southern island.
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Philippines President Rodrigo Duterte

Staff Reporter

According to reports, Philippines president Rodrigo Duterte halted mining on Tumbagan Island, away from the country's main nickel mines but still home to some projects, due to environmental concerns.
Nickel was up 3.4% midweek at $17,614.35 per tonne.
All base metals were higher after Monday's drop, with lead up 2.8% and copper and tin each gaining more than 1%.
Alastair Munro from Marex Spectron's LME desk said the overnight rallies in nickel and copper prove the trend remained intact and that there was no change to the bullish narrative.
"Indeed markets expect incoming President Joe Biden to outline his key policy and infrastructure plans on Thursday. Today's price action also confirms our desks view that volatility is set to remain," he said.
Platinum was the big mover among precious metals, rising 3.5% to $1081.60 an ounce. Gold was only slightly higher midweek at $1856/oz.