NEWSBREAK: LME nickel rallies 8% amid Indonesian ore export ban rejig [UPDATED]

The three-month nickel price on the London Metal Exchange soared over 8% this afternoon after Indonesia announced it would expedite a ban on nickel ore exports, previously scheduled to take effect in 2022.

Nickel’s outright price on the LME rocketed to an intraday high of $17,900 per tonne at midday this afternoon, its highest level since September 2014, while the spike occurred with under 5,000 lots exchanged at the time. The ban is scheduled to now take effect at the end of this year, according to a statement issued by Indonesia’s Energy and Mineral Resources ministry spokesman Agung Pribadi to Bloomberg. “I’m looking at my screens as we speak trying to figure out just how far...

Published

Hassan Butt

Amy Hinton

August 30, 2019

13:40 GMT

London