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Nickel prices jump in volatile Asian trade amid fears of Indonesia ore ban

The metal used to make stainless steel hit a 16-month high last Thursday before shedding 2.1% on Friday

Reuters 

Nickel prices jump in volatile Asian trade amid Indonesia ore ban fears

London prices rose sharply in volatile Asian trade early on Monday as speculation continued that key producer is about to bring forward a ban on mineral ore exports that was previously set to start in 2022.

The metal used to make stainless steel hit a 16-month high last Thursday before shedding 2.1 per cent on Friday.

Jakarta is discussing bringing forward the ban but no decision has been made on such a move, Indonesia's trade minister, Enggartiasto Lukita, said on Friday.

Three-month on the London Metal Exchange rose as much as 3.8% to $16,145 a tonne and stood at $16,125 a tonne as of 0149 GMT, below the 16-month high of $16,690 struck last Thursday. The most-traded October contract on the Shanghai Futures Exchange edged down 0.1% to 125,810 yuan ($17,816.83) a tonne.

First Published: Mon, August 12 2019. 08:27 IST
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