The world's second largest nickel producer Norilsk Nickel predicted that the global nickel supply shortage continued to extend, caused most companies lose profits and cut the production.

Standard & Poor’s warned on Monday it was likely to revise the credit ratings for some miners over the next week after cutting its price forecasts for aluminium, copper, zinc, nickel and gold and said it expected prices to remain volatile.

Australian investment bank Macquarie on August 17 announces to adjust its global nickel market supply and demand forecasts for this year, the global nickel market is expected to be 15,000 tons this year.

BHP Billiton spin-off South32, which launched on the sharemarket with high hopes in May, tumbled to a new low on the ASX today amid a global commodity crunch, with shares down more than 30 per cent from their high point shortly after listing.

Australian investment bank Macquarie on August 17 announces to adjust its global nickel market supply and demand forecasts for this year, the global nickel market is expected to be 15,000 tons this year.

Despite beating production targets, nickel miner Mincor Resources reported a total net loss after tax of A$34.26-million for the full year ended June, compared with a profit of A$1.85-million in the previous financial year.

Nickel, copper and aluminum hit six-year lows on Wednesday after China allowed the yuan to weaken further, prompting fears that metals demand from the world’s top buyer would wither and sending nickel down 15 per cent before prices recovered.

First Quantum, which primarily mines copper, but also nickel and gold, is trying to alleviate the impact of a 24 percent reduction in power supply in Zambia.