Nickel surges on on tightening global supply

Nickel prices surged today after news that the deficit in the global nickel supply has widened in September.

The International Nickel Study Group reported a deficit in the global nickel supply at 3,200 tonnes in September after a deficit of 300 tonnes in August.

While global markets are cautiously waiting for the Indonesian decision to fully ban nickel ore exports starting from next January.

The Indonesian authorities are also investigating local smelter operators for alleged monopoly and storing practices in preparation for the upcoming exports ban and the expected surge in prices.

Otherwise, the US-China trade dispute continued to impact commodity markets, especially industrial metals market, as the escalating tensions and halted trade talks subdued the demand.

As for trading, nickel prices rose by 1.6% to $14,542.4 per tonne as of 14:31 GMT.