Scotiabank raises outlook for price of nickel following Indonesian export ban | iNFOnews | Thompson-Okanagan's News Source

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Scotiabank raises outlook for price of nickel following Indonesian export ban

April 14, 2014 - 7:22 AM

OTTAWA - Scotiabank is raising its outlook for the price nickel following an Indonesian export ban on unprocessed ore that took effect earlier this year.

Nickel prices have been rising following the Indonesian ban that was enacted in an attempt to encourage foreign investment in ore processing in the country.

Scotiabank says many expected Indonesia would not have the resolve to stick with the ban, but it now appears the country is sticking with its agenda.

The bank says it now expects nickel to average $7.66 per pound this year, up from earlier expectations for $6.75.

Scotiabank also raised its outlook for 2015 and 2016 to $9 and $10 respectively, up from $7 and $7.50.

The price of nickel was $6.82 per pound last year.

News from © The Canadian Press, 2014
The Canadian Press

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