Nickel Prices Soar as Indonesia Brings Forward Export Ban

Nickel prices soared Friday after the Indonesian government said it would ban exports of nickel ore earlier than traders had expected, sparking concerns of shortages in the stainless-steel ingredient.

Refined nickel futures jumped 9.3% to $17,935 a metric ton on the London Metal Exchange, after multiple media reports that Energy and Mineral Resources Minister Ignasius Jonan said ore exports would be banned from the end of December this year. While most industrial-metal markets have come under pressure from the U.S.-China trade…

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