Nickel Market Searches for Direction

By Steve Fiscor, Editor-in-Chief

The news that 30 mines, 18 of them nickel producers, in the Philippines would be closed caused nickel prices to spike briefly during September. Nickel prices on the London Metal Exchange (LME) had dropped from more than $10,800 per metric ton (mt) in early August to a little more than $9,600 by mid-September. Prices then grew almost to $10,800/mt at the time the news broke of the possible closure in the Philippines and the market has been searching for direction since.

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Tin Production May Have Peaked in Myanmar

Metal prices, except for tin, remained relatively flat during August. Tin prices on the E&MJ Price Index increased 11.5% to $19,900 per metric ton (mt) from $17,850/mt last month. Four smelters, accounting for 18% of China’s output, were temporarily closed after failing environmental inspections, which caused tin markets to tighten.

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Precious Metal Prices Move Higher

Prices for several metals made notable moves during July. Gold finished the month near its high for the year at $1,350/oz, up $28.30/oz or 2.1%. On July 6, it reached a two-year high of $1,366.25/oz. Similarly, silver finished at $20.29/oz, and a $1.59/oz increase during July
or 8.5%.

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Brexit Pushes Gold Prices Higher

By Steve Fiscor, Editor-in-Chief

On June 23, more than 17 million people voted in favor of Britain exiting the European Union (EU), referred to as Brexit. The referendum, which was too close to call leading up to the vote, briefly destabilized regional currencies and global equity markets. It also pushed the price of gold to highs not seen since 2014. By the end of the month, stock markets had recovered most of the lost ground, but the British pound remained at its lowest level against the U.S. dollar in more than 20 years.

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