Chart of the week: Nickel defies the base metals sell-off

Nickel price v other metals

Nickel has jumped by 15% this year while other metals have slid. It looks set to keep outperforming, says the FT’s Neil Hume.

An export ban by Indonesia, designed to promote local industrial development and underpin the price of the country’s key raw materials, is threatening 12% of global supply.

If the ban continues (there’s no sign yet that it won’t), next year there could be a “significant deficit”, says Glencore Xstrata.