The three-month nickel price on the London Metal Exchange closed higher on Tuesday October 29, with news of the expedited ore ban in Indonesia keeping the metal's price elevated, while lead futures also ended the day higher despite low turnover.
Nickel's outright price closed at $16,830 per tonne this afternoon, up from an intraday low of $16,565 per tonne but lower than its daily high of $17,000 per tonne. An expedited raw ore ban out of Indonesia announced on Monday, which was adjusted from a revised start date of January 2020, led the metal's futures price to a high of $17,015 per tonne on Monday. But selling pressure emerged on Monday afternoon and the metal fell to a closing price of $16,640 per tonne. Volumes traded in nickel on Tuesday were moderate,...