Indonesia Reaffirms Ore Ban; Nickel Price Rises

Bloomberg reported that nickel rose the most in three weeks after Indonesia confirmed that its ban on the export of unprocessed ore will remain in place.

As quoted in the market news:

Today, Bambang Adi Winarso, senior adviser to the coordinating minister for economic affairs, affirmed the policy by Indonesia, the world’s largest producer of mined nickel ore. Residential-construction permits in the U.S. climbed in October to a six-year high, the government said. Copper, aluminum, zinc, tin and lead prices rose.

Nickel for delivery in three months advanced 3.2 percent to settle at $16,145 a metric ton at 5:56 p.m. on the London Metal Exchange, the biggest jump since Oct. 28. The commodity has gained 16 percent this year.

Click here to read the full Bloomberg report.