The Wall Street Journal reported today that nickel rose on Thursday while other metals stayed flat. Three-month LME nickel traded 1.7 percent higher at $19,050 per metric ton by 9:26 GMT on Thursday.
As quoted in the publication:
The nickel market is still reacting to the ban on nickel ore exports imposed by top producer Indonesia earlier this year. That changed the landscape of the global nickel market, constricting supply to the biggest consumers in countries such as China, and sending prices soaring. Still, some analysts say there may be some signs of some easing in Indonesia, which could dent nickel prices.
INTL FCStone analyst Edward Meir was cited as saying in a monthly metals report:
We are not as enthralled by nickel, as there seems to be some ‘looser talk’ coming out of Indonesia with respect to the export bans, along with rising LME stockpiles.
|Get our expert guide to base metals investing FREE! Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.|