LONDON : An exclusive deal that will lead to the development and marketing of indices for Indonesian nickel, signed by UK-based Global Commodities Holdings Limited , could change the landscape for referencing nickel prices, industry sources say.
Metal industry sources say this could be game-changing because Indonesia is the world's largest nickel producer. It accounted for 48 per cent of the 3.3 million tonnes produced last year but does not have its own indices. Part of the problem for the world's largest metals trading forum is that the nickel that can be delivered against its contract known as class 1 now amounts to only about 20 per cent of the global market compared with 50 per cent more than a decade go.
The project to develop nickel indices with PT IKI will complement GCHL's plans to offer a platform, expected to go live later in April, to buy and sell class 1 nickel.
Source: News Formal (newsformal.com)
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