Nickel rises to 5-year high on Indonesia ore ban
Economies.com
2019-09-03 14:36PM UTC
Nickel prices rose today after the Indonesian government announced its plan to stop nickel ore exports starting from January, 2020.
This comes two years earlier than the previously announced plan in 2022 as Jakarta plans on increasing its nickel inventories and its local industries.
Indonesia exported around 38 million tonnes of nickel during 2019 until July, which led the government to consider its inventories and its local industries.
According to the Financial Times, most of the Indonesian exports went to China, while in the case of the export ban, a deficit of 100,000 tonnes is expected annually in the global market.
By 14:31 GMT, nickel prices rose by 0.3% to $17,909 per tonne, with a high of $18,622.5 (5-year high).
Commodities News
Commodities
How did gold become a major component in Nvidia's signature GPUs?
2024-04-25 20:32PM UTC
Nvidia has witnessed one of the most stunning success stories in recent years.. But before we get ...
Commodities
Oil prices lost ground despite large US inventory drawdown
2024-04-24 20:42PM UTC
Oil prices fell on Wednesday despite earlier official data that showed a steep decline in US crude ...
Commodities
US crude stocks fall more than expected
2024-04-24 16:29PM UTC
The Energy Information Administration reported a drop of 6.4 million barrels in US crude stocks ...
Commodities Technical Analysis
Commodities
Wheat price surpasses the resistance – Forecast today - 26-04-2024
2024-04-26 03:58AM UTC
Wheat Price Analysis Expected Scenario Wheat price has managed to breach the 614.10$ ...
Commodities
Sugar price resumes the decline – Forecast today - 26-04-2024
2024-04-26 03:58AM UTC
Sugar Price Analysis Expected Scenario Sugar price has resumed its negative trades, ...
Commodities
Soybean price attempts to recover – Forecast today - 26-04-2024
2024-04-26 03:58AM UTC
Soybean Price Analysis Expected Scenario The soybean price has returned to rise after a ...