On Monday, Nickel prices in Shanghai hit a record high, while they jumped to to a five-year high in London, after top producer Indonesia announced it would restrict ore exports from 2020.
The benchmark three-month contract rose as much as 3.2% to $18,470 a tonne by 0124 GMT, its highest since September 2014, while Shanghai nickel surged to its maximum daily limit of 6% to a record 136,960 yuan ($19,309.72) a tonne.
Indonesia, the world’s biggest supplier of nickel ore, on Friday announced that it would move forward a ban to export mineral ores by two years from an original schedule of 2022.
London nickel has leaped 72% so far this year, while most other base metals were declining.