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Direct: Nickel prices reached their highest level in 16 months on Thursday, as Indonesia was increasingly worried about banning metal exports.
The nickel metal price on the London Stock Exchange jumped more than 12% in current trade to $ 16.69 million per tonne, the highest level in nearly 16 months.
At 9:45 am GMT, metals gains on the London Stock Exchange reached $ 15,533,000 per tonne, up 3.4%.
The increase was triggered by traders in China, while nickel prices on the Shanghai Stock Exchange hit a record 124.89 yuan per tonne.
Nickel gains are outpacing increases in other industrial metals this year due to speculation that Indonesia may ban metal exports, a move that is expected to take effect in 2022.
Indonesia, which has abundant nickel reserves, has long sought to turn metal into metal instead of exporting it in raw form.
According to the mining legislation of 2017, the ban will come into force in January 2022.
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