nickel takes aim at $10,000

METALS-London copper drifts on firmer dollar, nickel takes aim at $10,000

London nickel took another shot at the $10,000 mark on Monday
as prices gained steam on supply concerns after the Philippines toughened its stance on mining,
threatening supply to China.
LME nickel CMNI3 rose 1.1 percent to $9,985 a tonne, within sight of the $10,410 a tonne it touched on July 4,
the highest since last October.
Prices have jumped 32 percent from 13-year lows hit in mid-February.
The Philippines has ordered the suspension of operations at two nickel ore mines for environmental violations and halted the issuance of exploration permits as a nationwide crackdown led by a new mining minister begins.
The move could curb nickel ore shipments from the Southeast Asian country,
the top supplier to No. 1 market China, and push global prices up further.
However, a huge glut of stocks - equal to half a year's supply - could put the brakes on any rally.

glta