Indonesia’s ban on nickel ore exports is resonating globally as prices climb to the highest since 2012, prompting companies from Avebury Nickel Mines Ltd. to Poseidon Nickel Ltd. to restart operations at idled mines.
The global glut of nickel will extend into a fourth year in 2014 as new technology lowers costs for Chinese furnaces producing record amounts of a lower-grade substitute that helped drive prices into a bear market.
New York precious metals trading opened the week with mixed price trends. Gold, silver, and platinum fell while palladium and rhodium held steady. Spot dealings showed gold down $12.30 at the opening bell, with a bid-side quoted at $1,734 per ounce.
Precious metals prices opened mixed on Tuesday with gold and silver retreating a bit while platinum and palladium staged advances. Spot gold was quoted at $1,791 per ounce, down about $5 while silver fell 15 cents to the $34.bid level per ounce.