Nickel Spikes After Report of Indonesian NPI Production Cut

Nickel prices spiked following a report of further output cuts in Indonesia, the top producer of the metal.

Futures surged as much as 2.6% to $19,050 a ton on the London Metal Exchange after Shanghai Metals Market reported that 10% to 15% of high-grade nickel pig iron capacity at Indonesia Weda Bay Industrial Park will be placed under rotational maintenance in the coming months.