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Vulcan
Nickel December 16, 2014 07:40:24 AM

Nickel gains with export ban

Paul Ploumis
ScrapMonster Author
Nickel is heading in for the biggest weekly gain, compared to all other industrial metals, according to the report from the US, the biggest consumer of nickel, as the result of the nickel export ban imposed in Indonesia.
Nickel gains with export ban

JAKARTA (Scrap Monster): According to the reports, in the last 10 weeks, the value of nickel had hiked only by 0.5 percent, but by the beginning of this week, the metal has gained 5.4 percent. The Constitutional Court, based in Indonesia, supported and upheld, the nickel export ban imposed by the government in  the month of January. Indonesia, is the top producer of mined nickel ore.

The resource analysts at the Fat Prophets based in Sydney, David Lennox, stated that, as the supply of the metal is declining the pieces are assured to hike, and there is certainly a high chance for supply deficit, not a mere one as in the past couple of years but a close deficit.

Nickel stored for delivery in the London Metal exchange, has risen in its value by 0.2 percent to 17,150 dollars per tonne. Copper in London Metal exchange dropped 0.3 percent to6,453 dollars per tonne. On the London Metal Exchange, zinc, lead and also tin declined. The value of aluminum, has been altered slightly