SHFE nickel price surges by over 7% amid talk of Indonesian export ban

Nickel prices on the Shanghai Futures Exchange shot up to an all-time high during morning trading on Thursday October 21 amid a possible export ban on raw materials by Indonesia, among other bullish market dynamics.

SHFE nickel was trading at 160,300 yuan ($25,071) per tonne at 11.30am Shanghai time, up by 10,720 yuan per tonne (7.17%) from a closing price of 149,580 yuan per tonne on Wednesday.
Indonesian President Joko Widodo said in an interview on Tuesday that the country was planning to “curb” the export of all raw commodities to attract investments in onshore resource-processing and job creation.
“We really want to curb the export of raw materials because there is no added value and it does not create jobs,” he said, adding that the policy would affect “all commodities.”

The Southeast Asian country started to ban nickel ore exports from January 2020 to boost its own...

Published

Sally Zhang

Yingchi Yang

October 21, 2021

06:57 GMT

Shanghai