Nickel drops amid debate over Indonesia's mining law revision

Nickel spot prices fell on Thursday, as the US dollar rose against most currencies, while investors the Indonesian decision to revise the country's mining law.

The Indonesian parliament passed a new bill on Tuesday for the mining law after a review, which allows producers to extend permits and seek expansion of mining areas beyond current legal limits.

Several other aspects of the new law saw well reception by mining companies, as they are consistent with other current laws.

The world's largest producer, Indonesia, pointed out that revisions and amendments to the law are aimed at reducing unnecessary bureaucracy and attract investment.

The dollar index rose against a basket of currencies by 0.2% to 100.4 points as of 13:51 GMT, after it hit an intraday high of 100.5 and a low of 100.1.

Nickel spot futures fell 2.6% to trade at $11,949.7 a tonne as of 14:03 GMT, after hitting today's high at $12,200.