MCX Nickel settled up 1.15% at 945.9 boosted by supply worries from major producer Indonesia. Shanghai nickel surged as much as 3.1% to 106,620 yuan a tonne, its highest since Sept. 3, 2018, but retreated slightly later in the session to close 2.4% higher.
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Investors were concerned of nickel supply amid fresh reports that Indonesia, a major producer of nickel ore used in the stainless steel industry, would stick to its plan to re-impose an ore export ban from 2022. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing “in the very near future,” White House adviser Peter Navarro said in an interview.
China’s exports fell in June as the US ramped up trade pressure, while imports shrank more than expected and reflected further weakness in the world’s second-largest economy and slackening global growth. In yuan terms, exports in June rose 6.1%, down from the expected 6.9% and the previous growth of 7.7%, while imports shrank 0.4%, compared with the expected rise of 3.7% expected and May’s drop of 2.5%, customs data showed.
