Nickel market roiled by supply outlooks in Indonesia, Philippines
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.
