Around midday today the Philippines Congress will confirm, or otherwise, the appointment of Environment Minster Gina Lopez. The vote will likely dictate the near-term price trends in Nickel. In February this year the Minister shut down 21 Nickel mines for environmental reasons sending the price of Nickel rocketing. There has been considerable protest from mining operations in the region against her appointment. If her appointment is not confirmed today, its likely that 21 mines will come back into production putting pressure on prices – Nickel should trade sharply lower. On the flip side, if she is appointed, expect the Nickel price and Nickel miners to rally strongly. It’s a binary outcome it would seem that will dictate the price action of our main Nickel stock - Western Areas (WSA) in the near term.
Nickel Futures Daily Chart
Western Areas (WSA) vs the Nickel price