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As we head towards Easter Holidays and we suspect a few quiet days as people take advantage of Easter and Anzac Day to take a 10 day break, we can report the only news on the metal markets is in the AUD/USD Exchange rate. This time last week the AUS/USD was trading at 92.6 and this morning it is trading at 94.18. On copper this movement equates to $170/tonne.

On the LME nickel has had a strong price increase as concerns mount about Russia’s ability to continue to supply Nickel amidst Ukraine tensions and an Indonesian ban on unprocessed ore. Last year Russia accounted for 12% of the global nickel supply.

**** DJ Nickel Rally Shows No Signs of Stalling ****

0939 GMT [Dow Jones] Nickel on the London Metal Exchange continues a strong rally on the back of global supply concerns, driven by factors including a ban on exports of unprocessed ore by Indonesia and tensions over Ukraine. Indonesia is one of the biggest producers of high-quality ore and Russia’s OAO Norilsk Nickel Metal and Metallurgical Co. (GMKN.MZ) is world’s largest. Russia last year accounted for 12% of the global nickel supply. “The continued nickel bull run show us how the supply disruption might affect the metals prices while the supply is said to be catching up amid the growth imbalance among the major global economies,” says Richard Fu, Director of Asian Commodities Trading at Newedge. LME 3-month nickel +2.5% at $17,835/tonne



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