Nickel On the Rise Due to Philippine Ore Concern

Nickel prices reached a seven-week high in London as concern grows that the Philippines will join Indonesia in banning ore exports.

As mentioned by Bloomberg News:

The Philippine government should move toward a ban on mineral-ore exports, Environment Secretary Ramon Paje said today, backing a proposed bill calling for curbs aimed at boosting domestic processing. Indonesia banned ore exports in January. The two nations accounted for almost 20 percent of world production of mined nickel in June, according to data compiled by Bloomberg Intelligence.

Daniel Briesemann, an analyst at Commerzbank AG, said:

Even if timing is still unclear, the announcement of the initiative has given rise to nervousness on the market. If there were to be simultaneous export bans, the nickel price would doubtless rise significantly.

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