Nickel sheds more than 4% as Indonesia allows exports to resume

Nickel prices fell today after an Indonesian decision to resume nickel ore exports, which leads to increased supply, and in return puts pressure on prices.

Indonesia allowed 9 nickel ore companies to resume exports after an investigation on exports volume violations, after several news reports.

The revealed a decision to lift the ban for 9 companies including PT Tambang and Trimegah Bangun Persada.

Indonesia, which is the world's largest exporter of nickel, had suspended shipments on October 28 after reports showed a surge in exports.

Which comes ahead the ban on nickel ore exports by two years, and will start from next January.

As of 14:25 GMT, nickel spot futures price fell by 4.2% to $15,620 per tonne, with a session-high of $16,184.5, after it closed at $16,303.5 in the previous session.