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Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.

Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - The copper market will transition from supply-demand balance in 2023 to a major supply surplus next year, the International Copper Study Group (ICSG) said after its meeting in Lisbon this week. However, its assessment chimes with a copper market consensus that Chinese demand has surprised to the upside this year. It has trimmed only very slightly its 2024 global usage growth forecast from 2.8% to 2.7%. Operating constraints and smelter maintenance outages in Chile, Indonesia, Sweden and the United States will cap copper production outside of China this year. It's worth noting that the ICSG's most recent monthly bulletin suggests the global copper market notched up a hefty 215,000-metric ton production surplus in the first seven months of 2023.

Persons: Ivan Alvarado, Everyone's, Andy Home, Susan Fenton Organizations: BHP Billiton's Escondida, REUTERS, Study, Shanghai Metal, Reuters, Thomson Locations: Antofagasta, Chile, Lisbon, China, North America, Europe, United States, Indonesia, Sweden, India

☆ Gold pauses declines as investors hold breath for U.S. payrolls report
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Spot gold rose 0.2% to $1,823.59 per ounce by 0335 GMT, but was on track to extend losses to a second consecutive week, shedding 1.3% so far. Markets await the release of U.S. non-farm payrolls data at 1230 GMT, following a string of jobs indicators released this week. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings hit the lowest levels since August 2019 on Thursday. Prices for platinum-group metals could remain depressed, CEO of the world's biggest platinum miner by value, Anglo American Platinum, told Reuters.

Persons: Ilya Spivak, Spivak Organizations: U.S ., Benchmark, Federal, Treasury, Trust, Reuters Locations: Mendrisio, Switzerland, U.S, American

REUTERS/Yusuf Ahmad/File Photo - RC2DGT9XQ73M Acquire Licensing RightsLONDON, Oct 5 (Reuters) - Global nickel production will outpace demand to the tune of 239,000 metric tons next year, according to the International Nickel Study Group (INSG). The cumulative forecast surplus of 566,000 metric tons over the three years is huge relative to the size of the nickel market. Global consumption this year is expected to come in at 3.2 million metric tons. The mining rush fed an 85% jump in production of intermediate products such as nickel pig iron (NPI) and nickel matte and a 20% rise in primary nickel products such as sulphate. But rising global production is also increasingly about China, which lifted its primary nickel production by 18% year-on-year in January-July.

Persons: Yusuf Ahmad, it's, Sharon Singleton Organizations: REUTERS, Study, Global, London Metal Exchange, Shanghai Futures Exchange, Investor, EV, Macquarie Bank, Traders, London, Reuters, Thomson Locations: Lisbon, London, Indonesia, China, Shanghai

PwC’s annual report on the South African mining industry said global drops in some commodity prices following the COVID-19 pandemic contributed to the reduced profits. But so did South Africa’s local challenges of currency fluctuations, high inflation, power blackouts and logistical problems in exporting minerals because of deteriorating road, rail and port infrastructure. South Africa has an opportunity to benefit from that demand, which also would need millions of dollars in investment, the report said. “This presents several opportunities for South Africa which could reshape industries, diversify the economy and drive future prosperity." The output from South Africa’s 130-year-old gold mining industry has been slumping for more than 20 years.

Persons: Andries Rossouw, PwC, Rossouw Organizations: McKinsey & Company, ” Mining, South African Revenue Service, AP Locations: CAPE, South Africa, Ghana, South America, Africa, African, africa

Last trading at $7,990 per metric ton, London copper is now within sight of the year-to-date lows of $7,867-7,871 recorded in late May. Investment fund positioning on CME copper contractBEARS FLEX MUSCLES ON CMEFund positioning on the CME copper contract has oscillated between long and short for several months as the price chopped around in a sideways range. Outright long copper positions have been slashed from 63,665 contracts at the start of September to 35,050 as of the Sept. 26 close. Net positioning has shifted to a collective short of 3,051 contracts, just shy of the 3,228-contract peak 2023 short in June. It's worth noting that the "other financial" reporting category, which includes index funds, is still in modest net long territory.

Persons: Kim Hong, Alexandra Hudson Organizations: REUTERS, Fund, London Metal Exchange, Investors, Investment, CME, Bulls, Reuters, Alexandra Hudson Our, Thomson Locations: Gunsan, South Korea, London, U.S, United States, Tuesday's

REUTERS/Florence Lo/Illustration/File photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - China's appetite for base metal imports appears to be growing. FROM RUSSIA WITH LOVEChina's imports of primary aluminium surged to a near two-year high of 153,000 metric tons in August, bringing the year-to-date count to 755,000 metric tons. SLOW COPPER BOAT TO SHANGHAIRefined copper imports were 340,000 metric tons in August, the highest monthly tally this year. The country's refined zinc trade has reverted to net imports this year but volumes remain modest by historical standards. SHIFTING THE NICKEL MIXThere has been no pick-up in China's imports of refined nickel.

Persons: Florence Lo, they've, They've, China's, David Holmes Organizations: REUTERS, Shanghai Futures Exchange, London Metal Exchange, LOVE, Malaysian, New, Democratic, China's CMOC, Reuters, Thomson Locations: China, contango, Shanghai, RUSSIA, U.S, New Zealand, SHANGHAI, Democratic Republic of Congo, DRC, Indonesia

REUTERS/Stringer/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - Global production of primary aluminium hit an all-time high in August, with the world's smelters running at an annualised rate of 71.2 million metric tons. It now estimates national output rose by 1.3 million metric tons. Global production in August came in at 6.0 million metric tons, up 1.6% on August last year, while cumulative production of 46.5 million metric tons was up 1.7% on the year-ago period. The country's annualised run-rate has increased by 2.1 million metric tons since March and registered a fresh all-time high of 42.4 million tons in August. Everything depends on rainfall levels in Yunnan, which has emerged as a major aluminium production hub due to its "green", low-carbon credentials.

Persons: Stringer, Sharon Singleton Organizations: REUTERS, International Aluminium Institute, IAI, Institute, Shanghai Futures Exchange, London, Exchange, Reuters, Thomson Locations: Binzhou, Shandong province, China, Malaysia, Iran, Yunnan, Sichuan

REUTERS/Beawiharta Acquire Licensing RightsLONDON, Sept 20 (Reuters) - London Metal Exchange (LME) stocks of tin have grown steadily over the summer months and have reached levels last seen in April 2020. Around half of the tin produced every year is used as a soldering material on circuit boards, linking usage to the fortunes of the consumer electronics sector. Global semiconductor sales from SIABOOM AND BUSTTin's fortunes are closely tied to the consumer electronics sector, which has experienced a remarkable boom-and-bust cycle over the last three years. That translated into a boom year for tin demand, usage growing by 7.6%, led by a 12.2% rise in the soldering sector, according to the International Tin Association. However, global semiconductor sales have registered small month-on-month increases since April and the year-on-year gap narrowed to 11.8% in July, according to the SIA.

Persons: Lockdowns, Boom, Barbara Lewis Organizations: PT Timah, REUTERS, London Metal Exchange, Shanghai Futures Exchange, SIA, Semiconductor, Semiconductor Industry Association, International Tin Association, World Semiconductor Trade Statistics, Wa State, Reuters, Thomson Locations: Mentok, Indonesian, Bangka, Myanmar, London, Shanghai, Wa, China

LME copper stocks and Cash-3s time-spreadSUMMER SURGEAlmost 100,000 metric tons of copper have been warranted in the LME warehouse network since the middle of July, lifting headline stocks to 149,600 metric tons. European inflows have been split between Rotterdam (19,325 metric tons) and the German port of Hamburg (9,850). The CME's delivery locations, however, don't include Mobile, Alabama, where LME copper stocks have grown to 1,925 metric tons. The amount of cancelled stock awaiting physical load-out from the LME warehouse system currently stands at a minimal 225 metric tons. LME, LME shadow, CME, ShFE and INE copper stocksCHINA OFFSETThe copper stocks surge has to date been largely confined to the LME delivery system.

Persons: Emelia Sithole Organizations: London Metal Exchange, Mobile, CME, Shanghai Futures Exchange, International Energy Exchange, Shanghai, Reuters, Thomson Locations: Europe, United States, China, Rotterdam, Hamburg, Asia, Kaohsiung, Busan, New Orleans, Mobile , Alabama, London, ShFE, CHINA

☆ Miners boost FTSE 100 on China optimism; Vistry jumps
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.6%, FTSE 250 adds 0.4%Sept 11 (Reuters) - The UK's exporter-heavy FTSE 100 index opened higher on Monday boosted by miners after positive China data signalled stability in the world's second-largest economy, while Vistry shares jumped after the homebuilder kept its annual profit outlook. The blue-chip FTSE 100 index (.FTSE) rose 0.6% in early trade, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%. Vistry Group (VTYV.L) jumped 14.4% after the British homebuilder said it would merge its affordable-housing business 'Partnerships' with its Housebuilding operations, while maintaining its annual profit forecast. Reporting by Siddarth S in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, British homebuilder, Pascal Soriot, Siddarth, Rashmi Organizations: London Stock Exchange, REUTERS, Vistry, AstraZeneca, The Mail, Barclays, Reuters, Thomson Locations: Canary Wharf, London, Britain, China, British, Bengaluru

China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads. China's imports, exports and net trade in refined zincRETURN TO THE IMPORT MARKETChina was a consistent net importer of refined zinc over the last decade, but that changed in 2022. Shanghai zinc stocks seasonal patterns over 2020-2023LOW INVENTORYShFE registered stocks stand at a modest 43,181 tons. Sentiment, however, holds the real key to the Shanghai premium. The country's trade in refined zinc may prove a useful mirror on that question over the next few months.

Persons: Cash, It's, Jan Harvey Organizations: Share, Shanghai Futures Exchange, London Metal Exchange, Shanghai Metal, Citi, Reuters, Thomson Locations: Eritrea's, Asmara, Eritrea, China, Shanghai, Europe, Turkey, U.S, Antwerp, Singapore, Malaysia's Port Klang, Kaohsiung, Guangdong, London

Lead market dynamics are currently tepid at best due to weakness in the automotive sector, which accounts for around 70% of total demand in the form of lead-acid batteries. But some of that surplus would be very welcome right now in Shanghai, since the local market is in the grips of a vicious short squeeze. ShFE price, stocks and market open interestBIG SHORTThis Shanghai lead squeeze has been building for a couple of months. ShFE time-spreads were already tightening up in July against a backdrop of low exchange stocks and rising open interest. After exporting surplus metal for two years, the Chinese market seems to be struggling to find enough to deliver into the Shanghai squeeze.

Persons: Darren Whiteside, that's, Emelia Sithole Organizations: REUTERS, Shanghai Futures Exchange, London Metal Exchange, Reuters, Thomson Locations: Bogor, Jakarta, Indonesia, Shanghai, China, Taiwan, Vietnam, Bangladesh, London

Singapore's Abaxx Commodities Exchange thinks a new nickel sulphate contract could be the answer. The sulphate market has been forecast by research house Roskill to grow at an annual rate of 22% over the current decade as the green mobility revolution accelerates. China's imports of nickel sulphateTRADE BOOMChina's surging imports of nickel sulphate are a reflection of the product's stunning growth as battery cathode input. China's nickel imports by product 2020-2023PRICING PROBLEMSNone of this new Indonesia-China nickel trade has a natural exchange pricing home. LME nickel trading volumes have stabilised but are still running significantly below levels seen prior to the March 2022 trading halt.

Persons: Antara, It's, Roskill, Mike Harrison Organizations: PT Vale Indonesia, REUTERS Acquire, London Metal Exchange, Abaxx Commodities, Canadian, Technologies, Shanghai Futures Exchange, EV, Imports, China's, Class, Global Commodity Holdings, Reuters, Thomson Locations: Sorowako, South Sulawesi, Indonesia, China, Finland, South Africa, South Korea

☆ Column: South Korea's Gwangyang is the new LME aluminium battleground
▼ + stars: | 2023-08-29 | by ( Andy Home | Thomson Reuters | Senior Metals Columnist Who Previously Covered Industrial Metals Markets For Metals Week | ) www.reuters.com time to read: +6 min

LONDON, Aug 29 (Reuters) - The South Korean port of Gwangyang has emerged as the new hub for storing London Metal Exchange (LME) aluminium. Another 54,000 metric tons of aluminium have arrived in the intervening week, promising more turns of the storage carousel. LME aluminium stocks at Gwangyang and Port KlangGWANGYANG GRABS THE SPOTLIGHTA total 198,125 metric tons of aluminium were warranted at LME warehouses in Gwangyang in the first quarter of this year, most of it arriving in four single-day clips. Gwangyang LME aluminium stocks, arrivals and drawdownsRUSSIAN METAL NOW DOMINATESThe competition to store LME aluminium during periods of weak demand is not new. The Gwangyang aluminium storage wars may just be starting.

Persons: Gwangyang, ISTIM, Henry Bath, Sharon Singleton Organizations: London Metal Exchange, Glencore, ISTIM, Pac Global Services, Reuters, Thomson Locations: Gwangyang, Malaysia's Port Klang, Port, Rotterdam, Busan, South Korea, Port Klang, Malaysian, Detroit, Vlissingen, ISTIM

The great destock has resulted in a significantly slimmed-down LME warehouse network. The number of exchange-registered warehouse units has fallen by 151 over the last two years. LME storage space at the latter has grown by 35,000 square metres to 249,000 since the end of September last year. LME warehouse operator Istim has been expanding its presence, listing 24 units over the last year. But it's decidedly good news for LME warehouse operators.

Persons: Goldman Sachs, It's, Kloosterboer, Istim, Jane Merriman Organizations: London, Halley Metals, Pac Global Services, Infinity Logistics, HK, Rotterdam, Reuters, Thomson Locations: Krasnoyarsk, Siberian, Detroit, COVID, Ukraine, Spain, Antwerp, Vlissingen, Rotterdam, KOREA, Singapore, Malaysia's Port Klang, Busan, Incheon, Gwangyang, LME, Port Klang, China, United States, Europe

The London Metal Exchange (LME) three-month copper price has been oscillating in a $7,800-8,870 per metric ton range since May as old and new price drivers compete. The gyration in net positioning is partly a reflection of copper's own choppy range-trading with many black box funds configured to react to changes in directional momentum. Money managers have lifted outright short positions on CME copper to 69,707 contracts, the largest collective bear bet on lower prices since early 2020. The net short position of 18,127 contracts is a sign the bears are in the ascendancy. The key takeaway from speculative positioning on both U.S. and London markets is that fund players are betting bigger on copper.

Persons: Ricardo Moreno, San Pedro de Barva, Juan Carlos Ulate, Long, Copper, David Evans Organizations: REUTERS, London Metal Exchange, CME, Zhongrong International, Co, Fund, Thomson, Reuters Locations: San Pedro, Costa Rica, China, Beijing, London, United States, Europe

☆ Gold rebounds from 5-month lows as U.S. dollar, yields retreat
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: +2 min

Gold edged up from 5-month lows on Friday as the U.S. dollar and bond yields slightly retreated from highs, but bullion was set for its fourth consecutive weekly decline on concerns the Federal Reserve would keep interest rates higher for longer. Spot gold gained 0.2% to $1,892.02 per ounce by 0358 GMT, after touching its lowest since mid-March on Thursday. "The U.S. dollar has eased from recent highs and this has allowed gold to make a modest move higher. "The dollar will need to take a bearish turn at some point for gold to rediscover its mojo. Just how long gold will spend trading at sub $1,900 levels will depend on how long the dollar remains bolstered by high bond yields," Waterer added.

Persons: Tim Waterer, Waterer, Jerome Powell Organizations: U.S ., Federal Reserve, U.S, Treasury, Investors, SPDR, Trust, Metals, ANZ Locations: Moscow, Russia, Jackson Hole , Wyoming

LME three-month zinc hit a near three-year low of $2,215 per metric ton in May. LME zinc price stocks and spreadsSQUEEZE DRAWS OUT HIDDEN METALThe trigger for the current spate of arrivals in the LME warehouse system appears to have been a sharp contraction in short-dated time-spreads earlier this month. If so, the game is on in Singapore, which has accounted for all the recent arrivals bar 1,000 metric tons at Malaysia's Port Klang. A total 31,500 metric tons of zinc were warranted in the city in July along with 5,125 metric tons of lead and 625 metric tons of tin. In the interim, there is plenty of potential for more metal to head towards LME storage sheds.

Persons: Ilya Naymushin, Kirsten Donovan Organizations: REUTERS, London Metal Exchange, Citibank, Low, Study, Reuters, Thomson Locations: Angara, Novoangars, Russia, Singapore, Malaysia's Port Klang ., East Asia, China, Europe, Ireland

☆ European shares open lower as China-exposed miners weigh
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsSummaryCompanies STOXX 600 down 0.2%Aug 16 (Reuters) - European shares opened lower on Wednesday as China-exposed miners led losses following lacklustre economic data from Beijing, while UK stocks were pressured by a higher-than-expected core inflation print. By 0708 GMT, the pan-European STOXX 600 (.STOXX) was down 0.2%, after closing at its lowest level in more than a month on Tuesday. European miners (.SXPP) lost 0.8% as traders assessed the prospects of a tepid economic rebound of top metals consumer China. Shares of Alcon (ALCC.S) gained 1.5% after the Swiss eye-care company raised its outlook for full-year net sales and core diluted earnings per share.

Persons: Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Admiral, Thomson Locations: Frankfurt, Germany, China, Beijing, Swiss, British, Bengaluru

☆ FTSE 100 drops as inflation remains sticky
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.2%, FTSE 250 off 0.2%Aug 16 (Reuters) - The FTSE 100 index continued its sell-off on Wednesday after data showed that underlying inflation remained high, building a case for more interest rate hikes by the Bank of England (BoE), while Marshalls fell on lower half-year profit. The exporter-heavy FTSE 100 index (.FTSE) fell 0.2% by 0704 GMT, languishing at over one-month lows as the sterling rose 0.14% to $1.2718, right after the data. Annual consumer price inflation cooled to 6.8% in July from June's 7.9%, as the BoE and a Reuters poll of economists had predicted. However, core inflation came in at a hotter-than-expected 6.9% in July, while service rose to 7.4% from 7.2% in June.

Persons: Toby Melville, BoE, Siddarth, Nivedita Organizations: London Stock Exchange Group, City of, REUTERS, Bank of England, Marshalls, Thomson Locations: City, City of London, Britain, June's, Beijing, Bengaluru

☆ Energy stocks push TSX higher, Nuvei slumps after qtrly profit drops
▼ + stars: | 2023-08-09 | by ( Siddarth S | ) www.reuters.com time to read: +1 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File PhotoAug 9 (Reuters) - Canada's main stock index rose on Wednesday, driven by gains in energy stocks as oil prices rose on supply tightness, while Nuvei Corp shares slumped after the payments firm's quarterly profit more than halved. ET (1406 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 90.42 points, or 0.45%, at 20,296.4. Heavily weighted energy stocks (.SPTTEN) climbed 1.3% as oil touched new highs on supply tightness due to output cuts by Saudi Arabia and Russia. The value of Canadian building permits rose by 6.1% in June from May, data showed.

Persons: Chris Helgren, Brian Madden, Siddarth, Pooja Desai Organizations: Toronto Stock Exchange, REUTERS, Nuvei Corp, Toronto Stock, Investment, Cannabis, Manulife, Thomson Locations: Toronto , Ontario, Canada, Saudi Arabia, Russia, China, Bengaluru

REUTERS/David GrayLONDON, Aug 3 (Reuters) - Rio Tinto (RIO.L) is finding out just how hard it is to produce low-carbon aluminium. The company's biggest carbon headache is its aluminium business, which last year accounted for 21.1 million metric tons of carbon emissions out of a group total of 30.3 million metric tons. The pilot plant will produce around 6,000 metric tons of alumina per year while cutting carbon dioxide emissions by about 3,000 metric tons per year. Capacity at the low-carbon AP60 smelter, also in Quebec, will be expanded by 160,000 metric tons per year, with commissioning expected in 2026. Rio is investing heavily in recycled aluminium, which can be remelted using just 5% of the power needed to produce virgin metal.

Persons: David Gray, Rio, we're, Jakob Stausholm, Peter Cunningham, Jan Harvey Organizations: Rio Tinto, REUTERS, David Gray LONDON, Queensland Aluminium, Japan's Sumitomo Corp, International Aluminium Institute, Alcoa, Giampaolo, Reuters, Thomson Locations: Rio, Gove, Darwin, Australia's Northern, Pacific, Queensland, Australia, Portland, U.S, Canada, Quebec, North

However, the continued strength of copper raw material imports is translating into record domestic refined metal production, a structural shift towards self-sufficiency that is likely to dampen demand for imported units going forwards. China's imports and exports of unwrought refined copperLOWER REFINED COPPER IMPORTSChina imported 1.65 million metric tons of refined copper in the first half of 2023, down by 12% on the first half of last year and the lowest first-half tally since 2019. China's huge copper imports are offset against a smaller outbound flow of metal mostly produced under raw materials tolling contracts. China's monthly imports of copper reyclablesMORE CONCENTRATES AND SCRAPWhile China's refined copper appetite waned in the first half of the year, its imports of mined concentrates continued to accelerate. The continued strength of raw material flows into China, however, suggests any recovery in refined metal shipments may be more muted than expected.

Persons: Chile, Tomasz Janowski Organizations: Democratic, China's CMOC, Shanghai Metal, Reuters, Thomson Locations: China, Russia, Democratic Republic of Congo, Ukraine, Beijing, Europe, United States

Copper prices have been range-bound in recent months after a January slide from their highest in more than seven months and a May rebound from a slump below $8,000 a metric ton. Analysts forecast a copper surplus this year of 111,000 metric tons, with oversupply rising to 188,000 tons next year. Analysts expect a market deficit this year of 191,750 metric tons, dropping to 66,000 tons in 2024. Analysts expect LME cash nickel prices to average $20,000 a metric ton in the fourth quarter, down 11% from the previous poll. They expect the global nickel market to show a surplus of 199,000 metric tons this year and 150,000 tons in 2024.

Persons: Dan Smith, Goran Djukanovic, Nguyen, Eric Onstad, Ananya, David Goodman Organizations: Amalgamated Metal Trading, Study, London Metal Exchange, Reuters, Indonesia, Thomson Locations: BENGALURU, China, YUNNAN, Yunnan, Yunnan province, Indonesia, Commerzbank, London, Bengaluru

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