Nickel leaps to 5-week high on Indonesian crackdown; copper hits 3-month low
XLB•XLB•XLB•XLB•Nickel rose 3.8% to $16,375 a ton after Indonesia said it would act against companies linked to a major ore trader, while copper fell 1.3% to $13,828.50 as U.S. equities tied to chips and data centres slid.
Three-month nickel reached $16,415 a ton, its highest since September 25, after Indonesia’s forestry task force said it would take action against companies owned by or affiliated with businessman Arif Kurniawan for operating illegally in forest areas. Local media reports said Kurniawan, a former Glencore trader, controlled a large share of Indonesia’s nickel ore trade, raising concerns over shortages.
Copper touched $13,768.50 a ton, its weakest since July 31, as it tracked steep losses in U.S. equities tied to chips and data centres. Tin fell 1.9% to $46,100 a ton. China’s Yangshan copper premium rose to $210 a ton, matching its 2013 record; aluminium gained 1%, while zinc fell 0.3% and lead rose 0.6%.
