Nickel trading range for the day is 582.9-604.7.Nickel gains as support seen after Philippine Environment Secretary Regina Lopez said she would ban open-pit mining in the country. Each open pit is a financial liability for the government for life, Lopez told. It kills the economic potential of the place. However, gains were limited amid a pick-up in Chinas nickel ore concentrate imports from Indonesia, which helped counter falling imports from the Philippines.
Zinc trading range for the day is 163.8-170.Zinc prices dropped the market is getting worried about the tightening monetary process in China. Also the Trump reflation trade is still unwinding because the market is not convinced that the tax package will be approved. The global zinc market is forecast to register a deficit of 226,000 tons in 2017, while the lead market will be close to balanced, the ILZSG said.
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