Interesting snippet. Indonesia is the main buffer for Ni prices atm. A few years away yet but one to watch.
Nickel was the best performer this morning session, with its most-traded August contract price standing at 102,890 yuan per tonne ($14,911), up by 880 yuan per tonne - or 0.8% - from Wednesday’s closing price.
The strength in the nickel price comes partly from macroeconomic confidence and partly over supply concerns following news that Indonesia might stop exporting nickel ore from 2022.
China is heavily reliant on ore imports from Indonesia, and the report on a possible Indonesian export ore ban has raised worries that a crimp in ore supply to China might develop. That, in turn, helped push the nickel price higher.
“Bambang Gatot, the Minister of Indonesia Energy and Mineral Resources said on Monday that Indonesia will stop exporting ores, including nickel ore, vanadium and iron ore in 2022,” according to a Shanghai-based analyst.
“So the outstanding performance in the nickel price since the publication of this news is down to future supply worries to certain degree,” according to the analyst.
https://do not advertise external sites/Article/3883320/Latest-news/LIVE-FUTURES-REPORT-1107-SHFE-base-metals-prices-broadly-up-on-dollar-strength-nickel-up-on-Indonesia.html
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