UBS makes a bugle call for nickel bulls on crackdown, demand

Rising demand, deficits and a crackdown in the Philippines are combining to make nickel one of its most-preferred commodities, according to UBS Group, which said the full impact of mine shutdowns in the Southeast Asia nation may be felt only next year when exports fail to ramp up as usual. The government’s audit of standards in the mining sector is a front-of-mind risk that’s already shut down about 2% of world supply, analysts including Daniel Morgan wrote in a note. Ore shipments from the top supplier could fall to 314 000 metric tons next year from 410 000 tons last year, it said.