Nickel Rises to Three-Week High on Indonesia Ore-Supply Concerns
Nickel prices climbed to a three-week high on speculation that a global surplus will shrink amid a ban on exports of unprocessed ores in Indonesia, the world’s largest producer of the metal from mines.
Supplies outpaced demand by 197,000 metric tons last year, the World Bureau of Metal Statistics said today. An industry group in China, the world’s largest nickel user, said yesterday that government agencies met on Feb. 13 with domestic producers on “practical policy proposals” to counter the impact of Indonesia’s ban, which took effect Jan. 12.
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