Nickel miners up as metal prices hit three-week high on dwindling inventories

Materion

28/03/2023 17:40

** Shares of nickel miners gain as prices of the metal used
in batteries and alloys touch a three-week high
    ** Prices rise on dwindling inventories and short-covering
by speculators, but expectations of rising supply from Indonesia
curb the upside
    ** Three-month nickel  CMNI3  on the London Metal Exchange
(LME) up 1.2% at $24,125 a tonne
    ** U.S.-listed shares of mining giants Rio Tinto  RIO.N 
 RIO.AX , BHP Group  BHP.N   BHP.AX  and Vale SA  VALE.N 
 VALE3.SA  rise between 1.9% and 2.7%
    ** Polymet Mining Corp  PLM.N , Haynes International Inc
 HAYN.O , Materian Corp  MTRN.N  and Talon Metals Corp  TLO.TO 
gain 0.9%-4.6%
    ** Nickel prices had slumped 28% over about seven weeks,
weighed down by concern over weak demand and rising output in
Indonesia, before rebounding last week

 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))