Nickel Advances as Indonesia Adheres to Ban on Exports of Ore
Nickel rose after Indonesia said a ban on exports of unprocessed ores remains in place, reinforcing concern demand is set to exceed supply.
Indonesia, the largest producer of mined nickel ore, will maintain the ban, Bambang Adi Winarso, senior adviser to the coordinating minister for economic affairs, said today. Citigroup Inc. analysts yesterday forecast a global nickel deficit of 62,400 metric tons in 2015, expanding to 103,600 tons the following year.
“Inventories of nickel in all its various forms have fallen in China, with supply now falling as well in the form of a seasonal decline in Filipino exports,” the bank said in an e-mailed report. “Optimism remains strong toward nickel prices for 2015.”