Shanghai nickel futures closed up 3% in Wednesday trade on buyers concerns over supply disruptions from key international markets:
- Protests continue in New Caledonia over a plan by Brazilian giant Vale to sell its Goro nickel operations in that country to a consortium led by Singaporean multinational Trafigura; protestors put forward demand to process nickel locally before export
- Top exporter Philippines bans mining in Tumbagan Island, a location of several nickel projects