6 November 2024 – According to media reports, the Indonesian government could be on the verge of introducing new export bans on raw materials. Nickel spot market prices and futures on SHFE are rising. And stock futures react with gains to the outcome of the U.S. elections.
U.S. elections: Stock futures react with gains
U.S. stock futures have reacted to Donald Trump’s probable presidential election victory with gains. The US 30 is currently up 2.6% and the US 500 is up 2.1%. The S&P 500 futures improved by more than 2.2%.
However, the markets have not only benefited from the election results in the United States. The German DAX performance-index had already gained 1.5% after the start of trading and the Japanese Nikkei 225 closed up more than 2.6%.
Will Indonesia introduce further export bans on raw materials?
Reports from the APAC (9th) Stainless Steel Industry Conference 2024 currently taking place in China indicate that Indonesia is planning to introduce further export bans on raw materials. 12 mineral resources, including cobalt, coal, copper and silicone, as well as 16 different non-mineral commodities are to be added to the existing export bans. The Indonesian export ban on nickel ore is probably the best known. According to media reports, the information comes from Meidy Katrin, the General Secretary of the Indonesian Nickel Miners Association (APNI).
Nickel futures on SHFE and LME rise
Asian nickel futures on the SHFE showed slight gains of up to 0.5% today. Nickel on the LME is currently trending sideways. Chinese spot market prices for nickel rose more sharply and were up by around 1.5%.
Latest news
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- Nickel reserves in Indonesia about to run out soon?
- LME nickel prices rose significantly at the start of trading on Friday
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
