LME OFFICIALS: Nickel prices rise on Philippines ore export ban idea

Nickel prices rose in official trading on the London Metal Exchange on Wednesday September 3, against flat or falling prices in the other base metals, after a Philippines senator called for an ore export ban in the nickel-rich nation.

The senator, Paolo Benigno A Aquino IV, introduced a bill in congress calling for the mandatory domestic processing of all minerals ores, mirroring the steps already taken by Indonesia earlier this year. “The proposed bill requires that all extracted minerals be processed within the country before export, thereby triggering the development of our country's mineral processing industry and enhancing the value of our mineral products,” an explanatory note on the bill said. Three-month nickel settled at $18,880/885 per tonne in the official...


Jethro Wookey

September 03, 2014

13:05 GMT