Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing more than 3%.
Closing above $13,000 per tonne for the first time since September 21, the three-month nickel price topped complex gains this afternoon, buoyed largely by a persistent drawdown in LME stocks. Fastmarkets MB pegs further gains for the metal in the short term. "Overnight news confirmed that China will boost its rebates to exporters starting from November 1. The tax rebate will increase from 9% to 10% and exports that currently get a rebate of 13% and 15% will now get 16%. The move is supportive for industrial metals because a strong export market in China means the country need to consume more raw materials to produce goods," Fastmarkets...