CTV News reported that Scotiabank now expects nickel to average US$7.66 per pound this year, higher than its initial prediction of $6.75.
Nickel Market News Directory
The West Australian reported that nickel companies are enjoying share price rises today as the price of nickel increases.
Reuters reported that three-month nickel on the London Metal Exchange (LME) has hit a one-year high of $17,188 per tonne. While that may sound like good news, some nickel market participants are concerned that the metal's price may be moving upward too fast.
Metal Bulletin reported that Jinchuan Group Company Ltd. today upped its benchmark nickel price once again.
Bloomberg reported that after China retained its 7.5-percent economic growth target, nickel rose to a nine-month high.
Reuters reported that Patrick Buffet, chairman and chief executive of France's Eramet SA (EPA:ERA), believes Indonesia's export ban is a positive development and will "eventually support nickel prices."
Reuters reported that Indonesia's ban on unprocessed ore exports is set to send the value of its mining exports as low as $7 billion this year, from $11 to $12 billion in 2013. Prior to the ban, the country was the world's top exporter of nickel.
Metal Bulletin reported that nickel on the London Metal Exchange (LME) rose to a three-and-a-half-week high yesterday.
Bloomberg reported that increasing concern that Indonesia will "play hardball" with its ban on unprocessed ore exports has pushed London nickel prices to their highest level in two weeks.
Quoting a report from Roskill, MINING.com notes that China's government may attempt to mitigate the effects of Indonesia's recent ban on unprocessed nickel ore exports by trying to get exemptions for some of its companies.