FX.co ★ Nickel Falls from Over 1-Month High

Nickel prices slipped to about $17,030 per tonne in late July, easing back from a more than one-month high near $17,300, as investors took profits after a sharp rally in recent weeks. The market also faced downward pressure after Indonesia moved to clear regulatory bottlenecks that had been holding up exports of certain nickel products, tempering worries about imminent supply disruptions. The decision came after reports that Jakarta is working to clarify rules on allowable rare-earth content in mineral shipments, an issue that had previously hindered exports of nickel products and alumina. Even so, the pullback in prices was contained by signs of tightening market conditions: LME nickel inventories fell for a sixth straight session, while continued support from Indonesia’s mining policies and reduced nickel ore shipments from the Philippines have helped underpin prices.