Nickel rises by more than 5% near 2-year high

Nickel rose today to continue the strong gains hit yesterday, as it rose by $2000 or by 13% following a new Indonesian policy.

The Indonesian government announced its intentions to impose a ban on Nickel ores exports, which in turn leads to supply shortages, amid the escalation of US-China trade war and its negative impact on metals demand.

Indonesia is the largest producer of nickel ore in the world, and despite Bloomberg's report on the possible ban, but the mining companies denied any future changes in the country's policy.

As of 14:20 GMT, dollar fell against a basket of currencies by 0.1% to 97.5 points, with an intraday high of 97.6 points and a low of 97.4.

Nickel rose by 5.3% to $15,521.00 per tonne, after breached the $16,00.5 level yesterday.