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Message: Nickel soars on talk of Indonesia export ban

SINGAPORE — Nickel prices shot up on Thursday, with London nickel set for its biggest one-day gain in a decade and Shanghai nickel touching a record high amid worries that major supplier Indonesia could soon ban exports of ore.

Three-month nickel on the London Metal Exchange rallied as much as 12.7%, its strongest one-day jump since 2009, while the most-traded nickel contract on the Shanghai Futures Exchange rallied to 124,890 yuan ($17,736.53) a tonne, its highest on record.

Traders and analysts cited market chatter that major nickel ore supplier Indonesia, which also supplies tin, would soon ban exports of some ores.

“I just heard that there will be a regulation released in the near future, but details are unclear,” said a nickel analyst.

London tin rallied 2.3% and Shanghai tin jumped 2.1% by 0200 GMT.

“People believe the ban is coming,” said an executive at a major nickel producer in Indonesia.

Source: https://business.financialpost.com/pmn/business-pmn/nickel-soars-on-talk-of-indonesia-export-ban

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