Shanghai nickel, tin fall

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BEIJING- Shanghai nickel and tin prices fell about 2 percent on Wednesday, as concerns eased about supply from key producer Indonesia after a mining ministry official said the country was working to ramp up the approval process for issuing mining production quotas.

The most-traded May nickel contract on the Shanghai Futures Exchange declined 1.7 percent to 136,950 yuan ($19,023.21) per metric ton, while the most-traded April tin contract was down 2.3 percent to 225,220 yuan per ton.

London prices fell on Tuesday after a senior mining ministry official in Indonesia said the country had issued mining production quotas of 152.62 million metric tons of nickel ore and 44,481.63 tons of tin so far this year, and was working to accelerate the approval process.

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The delayed issuance had sparked fears of supply tightness, pushing up metals prices over the past months.

Three-month nickel on the London Metal Exchange rebounded 0.6 percent to $17,490 per ton, while LME tin was up 0.2 percent at $27,945 per ton.

Investors are now focusing on the US Federal Reserve’s monetary policy meeting ending later in the day, which is expected to provide further clues about the pace at which it will likely lower interest rates this year.

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