Singapore 27/09/2016 - The London Metal Exchange three-month nickel price edged higher but stayed in negative territory during Asian trading hours on Tuesday following news that another 20 miners in the Philippines, mostly nickel producers, have been suspended.
The number comes from newswire reports while a press conference by the country's Department of Environment and Natural Resources (DENR) is underway in Manila.
Only ten mines – out of the nation’s 40 - had passed an environmental audit, which takes the number of mines that have been shuttered to 30, Bloomberg and Reuters reported.
The suspended mines account for 55.5 percent of nickel output in the Philippines based on last year’s production, Leo Jasareno, the country’s environment and natural resources undersecretary, was cited as saying in Reuters.
The LME three-month nickel price rose as high as $10,425 – still below the highest level of $10,475 reached at the start of day though - after the news were out but it soon eased and was last at $10,385, down $145 from Monday’s close.
Market participants have been waiting for the Philippines mining review results due to be released on Tuesday to gauge its impact on the country's nickel production and exports, though some have cautioned that the results could turn out underwhelming given that major producers are expected to have passed the audit.
Media relations officials at the DENR were unavailable for comment when contacted by FastMarkets.