Nickel prices rose today to continue its uptrend amid supply concerns ahead of the Indonesian ban execution.
Meanwhile, the Philippine government sees the surge in nickel prices ahead of the Indonesian ban very positive for their industry, despite the growing concerns that the country may not take advantage from this due to incapability to accommodate the global demand.
A Philippine official said that the Indonesian ban on nickel exports will benefit the mining companies in the country, especially after the price jump the will follow Jakarta's decision.
The market experts fear from not curbing the rise in nickel used in the steel industry amid signs of the global economic slowdown, which has forced several central banks to cut the interest rates to reinforce their economies.
As of 14:16 GMT, nickel prices rose by 0.7% to $17,427.9 per metric tonne.