What’s happening to ASX nickel shares today?

ASX nickel shares are having a tough day.
The post What’s happening to ASX nickel shares today? appeared first on The Motley Fool Australia. –

ASX nickel shares are sliding on Tuesday amid a tough day on the markets for mining companies.

Nickel shares on the ASX include Nickel Mines Ltd (ASX: NIC), Mincor Resources NL (ASX: MCR), Panoramic Resources Ltd (ASX: PAN), and IGO Ltd (ASX: IGO). The S&P/ASX 200 Resources Index (ASX: XJR) is 5.14% lower at the time of writing.

Let’s take a look at why these shares are suffering today.

Nickel prices fall

The Nickel Mines share price is down 3.8% today and, at the time of writing, Mincor is trading 4.12% lower. Meanwhile, IGO is 6.45% in the red while Panoramic Resources is down 4.48%.

It seems volatility in world nickel markets is returning with the price of nickel on the London Metal Exchange “moving erratically”, Trading Economics reported.

The nickel price fell 1.4% in a day on global markets to US$32,607 per tonne. Shanghai’s most active nickel contract also dropped more than 3%, according to a report cited by NAB trade.

This is in stark contrast to early March when the nickel price briefly hit more than US$100,000 per tonne. This led to the London Metal Exchange (LME) freezing trading of the commodity for a few days. In the past year, the nickel price has skyrocketed 96%.

On Friday, Mincor Resources reported it is on the verge of reaching nickel producer status. The company’s first nickel concentrate is expected in the June quarter. Mincor has cash in the bank of $84.4 million.

Meantime, Nickel Mines will release its quarterly results on Thursday 28 April.

Share price recap

The Nickel Mines share price has dropped more than 11% in the past year while Mincor has surged 136%. The Panoramic share price has also soared. It’s 117% higher in the past year while IGO has rocketed 77%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned 4% in the past year.

The post What’s happening to ASX nickel shares today? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

Here are the top 10 ASX mining companies by market cap

How has the Nickel Mines share price been performing since the big squeeze?

All that glitters isn’t gold: Here are the worst performing ASX mining shares of the quarter

Why IGO, Lake Resources, Regis Resources, and ResApp shares are charging higher

ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!