ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Commodities

Nickel market roiled by supply outlooks in Indonesia, Philippines

Buffeted earlier this year, prices quickly reversing course

 (placeholder image)
A nickel mine in Indonesia.   © Reuters

TOKYO -- The nickel market has been undergoing wild swings this year, pummeled by Indonesia's move to relax an export ban but later buoyed by expectations of a supply decrease from the Philippines.

The Philippines said last Thursday that it will close mines responsible for roughly half of the country's nickel output. Three-month nickel futures on the London Metal Exchange closed at $10,450 per ton on Monday, climbing 11% from their most recent low on Jan. 27.

Prior to the announcement, prices had been falling. Nickel futures had lost 11% from mid-January through the end of the month following Indonesia's decision to ease a nickel ore export ban instituted in 2014. Indonesia used to produce 30% of the world's nickel.

Philippine President Rodrigo Duterte is tightening regulations for mine operations as he pledges improvements in environmental protection. Last summer, the Philippine government also ordered several mines to halt production. "The scale is larger this time, and may push up prices further," according to an official at a Japanese trading house.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media