Base metals contracts on LME rose today as a weak dollar continued to support prices. The three-month nickel contract on LME was up 0.7% at $9,845 per tn and copper jumped 1% to $6,094.5 per tweak greenback makes dollar-denominated base metals cheaper for holders of other currencies. Concerns over supply disruption helped prices to sustain at higher levels as the metal touched a new high of $6,101.5 per tn since March. Nickel prices gained on fears of new restrictions on mining in the Philippines, top nickel producing country. Philippines President Rodrigo Duterte said last week his government would come up with a new law as mining companies pay too little tax and not enough to compensate for environmental damage.
Source: Newswire
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