Shanghai nickel, tin prices fall as Indonesia ramps up mining quota approval process

The news comes as major Chinese smelters scramble to secure raw material supplies after their profit margins were hit by shortages of copper ore.

Total options volume spiked to more than 52,000 contracts, according to exchange data.

UBS and Goldman Sachs have trimmed their 2024 supply estimates by 33% and 26%, respectively.

China's biggest copper smelters have agreed to a symbolic cut in loss-making production, without specifying volumes and timing.

Executives from 19 smelters have agreed to re-arrange maintenance work, reduce runs and delay the startup of new projects.

Copper price on the Shanghai Futures Exchange hit a 22-month high following the news.

Iron ore staged a partial recovery, after slumping by the most since mid-2022 on Monday.

Aluminum stocks have surged by 85% this year in warehouses monitored by the Shanghai Futures Exchange.

The spot price of lithium carbonate in China has rebounded to the highest level since December.