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Tin & Nickel Rise as Indonesia Bans Ore Exports, Gold Down

December 6, 2013 at 0:17 by Vladimir Vyun

Nickel and tin advanced yesterday as Indonesia, the biggest producer of mined nickel in the world, will ban all ore exports. Zinc also rose, while aluminum fell and lead was unchanged. Energy and Mineral Resources Minister Jero Wacik said:

The decision is unanimous between the minister and nine factions in Commission Seven. The Mining Law has mandated that ore must be processed domestically. Now we must implement it.

Nickel prices jumped as much as 2 percent to $13,918 per metric ton on LME yesterday, reaching the highest level in more than three weeks. Contract for delivery of tin in three months advanced 1.1 percent to $22,975 per metric ton.

Meanwhile, gold remained under pressure as positive economic data from the United States fueled speculations that the Federal Reserve will tamper with quantitative easing this month. US gross domestic product expanded 3.6 percent in the third quarter of this year, according to the preliminary reading, more than in the previous three months and above the previous estimate. Unemployment claims unexpectedly fell from 321,000 to 298,000 last week. Today’s nonfarm payrolls should affect the metal strongly. February futures for delivery of gold declined $7.3 (0.59 percent) to $1,224.2 per troy ounce on COMEX today.

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