Time is now Wynne and Gravelle.....

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Nickel near eight-month high as metals gain on stimulus speculation

Nickel resumed a rally and industrial metals advanced on expectations that policymakers will increase efforts to spur economic growth. Mining stocks climbed, led by Anglo American and Rio Tinto Group.

Some economists expect the Bank of England to cut interest rates today and Japanese Prime Minister Shinzo Abe has promised more fiscal stimulus to charge up a stuttering economy. Nickel is near the highest in eight months on potential supply disruptions in the Philippines, the world’s top miner, and falling stockpiles.

“Nickel prices will rally in the next few months due to elevated Chinese refined nickel imports and ore supply disruptions from the Philippines,” BMI Research said in a note e-mailed Thursday. “Stricter environmental regulations will hurt Philippine nickel miners.”

Nickel for delivery in three months rose 1.3% to $10 480 a metric ton as of 10:51am on the London Metal Exchange, reversing Wednesday’s losses. The metal is up 11% this month as the new Philippine government vowed to shut mines that fall short of environmental and welfare standards. China’s imports of refined metal were a record 48 592 tons in April and shipments of ore more than doubled in May, according to customs data.

Anglo American shares advanced 4% in London as the FTSE 350 Mining Index increased 1.6%. Rio Tinto rose 2.5%. Miners including Anglo, Rio Tinto and BHP Billiton are due to report production data next week.

Copper extended a five-day rally, gaining 0.3% to $4 954.50 a ton, near the highest since April. Orders to withdraw the metal from warehouses tracked by the LME surged 56% in the past five days on higher bookings in Asia.

Zinc was up 1.1% as lead and aluminum rose. Tin was little changed.