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December 1, 2021 – Commodities on the LME started positively today, Wednesday. Aluminum, nickel and copper rise. Stock exchanges currently show friendlier and volatility calms down a bit. Philippine Berong nickel mine is exhausted will be shut down by the end of the year. Nickel availability still tight. And Fed to discuss possibility of higher bond-buying taper speed in December.

Stainless Espresso: Strong start, nickel and aluminum on the upswing
Stainless Espresso: Strong start, nickel and aluminum on the upswing

Nickel and aluminum on the upswing

Nickel (up about 1.4%) and aluminum (up about 1.2%) and copper (up about 1.3%) futures on the LME started this morning’s trading session on a positive note. The other base metals also show friendly. WTI and Brent crude oil prices have also risen by more than 3.5% each.

Stock exchanges show friendly

The Japanese Nikkei index is currently also in a slight upward trend with 0.41%. And also the Chinese Hang Seng index stands with 0.76% at present in the plus. In addition, the German DAX was shortly after the start of trading already with almost 1% in positive territory.

Volatility indices calm down

The average volatility on the stock exchanges has also decreased today. For the Nikkei by about 14.4%, for the Hang Seng by 3.83%. And the S&P 500 volatility index is currently down about 9%. This all points to more calm in the markets.

Philippines: Berong nickel mine to be exhausted by the end of the year

According to media reports, the Philippine Berong Nickel Mine will be exhausted by the end of 2021. The mine, which belongs to DMCI Holdings Inc., will then be shut down and the ecosystem around the mine will be rehabilitated, according to company sources.

The mine, while not among the largest of the Philippines’ 28 nickel mines, has mined 10.3 million wet metric tons of nickel ore in its 15 years of operation. The mine’s closure could help put further pressure on the nickel market, which is already facing a deficit.

Powell says Fed will discuss speeding up bond-buying taper

Federal Reserve Chairman Jerome Powell said Nov. 30, 2021, he expects policymakers to discuss accelerating the timetable for reducing monthly bond purchases in December.

In a speech to a Senate committee, he said tapering could be completed “a few months earlier” than expected. That would open the door for later rate hikes.

Powell also said it would probably be a good time to remove the word “temporary” to describe inflation and explain more clearly what the Fed would mean by it.

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