Nickel Sinks on Announced Indonesian Tax

Reuters reported nickel lost three precent on news Indonesia may increase base metals taxes to 25%.

As quoted in the market news:

Three-months nickel, a big gainer on Tuesday on renewed Indonesian export tax concerns, shed 3 percent, or $595, to close at $17,855 a tonne.

An Indonesian industry ministry official said on Tuesday the country plans to impose a 25 percent export tax on coal and base metals this year, jumping to 50 percent in 2013, as it looks to boost domestic investment and take a bigger slice of mining profits.

Click here to read the full Reuters report.