Nickel tilts higher on Indonesia's plans

2020-01-14 15:57:04 GMT (Economies.com)
Nickel tilts higher on Indonesia's plans

Nickel prices edged higher today, buoyed by Indonesia's reveal of production plans to exploit its domestic nickel ore inventories.

 

Indonesia unveiled its plan to ban exports of nickel ore starting in January, which is aimed at increasing its stockpiles of the metal and exploiting it in local industries, especially steel.

 

The Indonesian government also aims to ban exports of all ore metals to spurr the local industries.

 

Jakarta stated that it plans to build at least five factories to manufacture batteries using nickel and other metals to meet the increasing demand of the electric vehicle manufacturers.

 

This plans may lead to nickel supply shortages in global markets, which has recently lifted prices higher.

 

Nickel spot futures rose by 1.3% to $13,865.6 per tonne as of 14:43 GMT, after rising by 1.5% to today's high above the $14,000 barrier.

 
 
 
  Symbol Last Change Chg.%
1.1025
-0.0069
0.6179%
1.3073
0.0072
0.5534%
Tadawul
8325.49
-60.86
0.73%
18.104
0.083
0.458%
54.273
-4.505
7.665%
60.77
-1.26
2.03%
1570.630
13.715
0.881%
 
 
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