Neal Bhai Reports — MCX Nickel Support at 690, Reports Buy on Dips — Nickel on MCX settled up 0.22% at 697.9 getting some support after the Philippines’ environment minister said she wanted to ban new mines to clamp down on damage from the minerals industry in the country. Suspensions of Philippine nickel mines over environmental concerns have underpinned a rally in nickel which headed for a 2.50 percent climb on weekly basis.
Indonesia will “almost definitely” keep in place a ban on nickel ore and bauxite exports, the country’s mining minister said, just days after it had considered lifting the restriction to raise extra cash in an overhaul of mining rules. Indonesia banned metal ore exports in early 2014 to encourage miners to build smelters to create jobs and shift exports from raw materials to higher-value finished metals.
But the government has been comprehensively reevaluating the domestic mineral processing requirements, amid concerns that the current deadline for full processing of all minerals by 2017 may not work for certain metals. Indonesia has already floated plans to allow 15 million tonnes low grade ore to leave the country for processing elsewhere. China’s overall exports dropped 10% and imports slipped 1.9% in September, both on a year-on-year basis in dollar-denominated terms.