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Nickel breaks a record settled a year and a half ago

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Nickel breaks a record settled a year and a half ago
August 08
15:00 2019

Analysts have known that Indonesia is likely to ban the export of nickel ore. This can happen much earlier than anticipated. This gloomy news has resulted in an increased price of nickel.  Thus, the highest price in the last 16 months has been recorded at the current session.

In the morning, quotes on the London Metal Exchange have jumped to 16.69 thousand US dollars per tonne, i.e. the increase has totaled 12%. Then there was a correction to the level of 15.625 thousand US dollars per tonne (this is 4.8% more than the closing price at the previous session).

On the LME, the metal price has jumped due to the growth of the quotations on the Shanghai Futures Exchange to 124.89 thousand yuan per tonne. This is a record mark since the start of nickel trading on the Exchange in 2015.

Speculation by traders regarding the possible earlier dates as to the ban on the nickel ore export has resulted in significantly increased metal prices. It should be noted that the date of January 2022 was previously set. Analysts agree that the reason for such a strong movement is a banal panic.

We recall that Indonesia is currently the world’s leading exporter of nickel ore. Nevertheless, the government of the island state intends to stimulate the processing industry within the state by restricting shipments. This silvery metal is widely used to produce stainless steel; nickel is also indispensable in the production of batteries and superalloys.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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1 Comment

  1. Geraldo Bohall
    Geraldo Bohall September 19, 07:38

    Great post. Do you have any other ones you can drop? I like super stuff. 🙂

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