A controversial ruling by the Indonesian government that bans miners from exporting unprocessed minerals has prompted fears of a supply squeeze, driving up the price of nickel and shares in mining companies, even as officials confirmed there would be a temporary reprieve for some producers.
Shares in nickel miners jumped on Monday on expectations of higher global prices following the move by Indonesia, the world’s biggest supplier of nickel ore. However, savvy Chinese purchasers have cushioned themselves by heavy stockpiling ahead of the move, analysts said, limiting price gains.
The London Metal Exchange three-month nickel price on Monday climbed to its highest level in a fortnight, up as much as 2.4 per cent to $14,190 a tonne.
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