Dec. 6 (Bloomberg) -- Nickel advanced for a third day, heading for the biggest weekly gain since Oct. 25, and tin rose after Indonesia said a plan to ban ore exports will proceed next month. Copper also climbed before U.S. payrolls data.
Nickel for delivery in three months on the London Metal Exchange added 0.4 percent to $13,805 a metric ton at 4:02 p.m. in Tokyo after touching $13,918 yesterday, the highest level since Nov. 11. The metal rose 2.2 percent this week, trimming this year’s losses to 19 percent. Copper added 0.4 percent to $7,095 a ton.
Indonesia will bar shipments of all mineral ores after Jan. 12, 2014, Energy and Mineral Resources Minister Jero Wacik said yesterday. The country is the top exporter of tin and biggest producer of mined nickel. The U.S. unemployment rate fell to 7.2 percent last month, the lowest level since 2008, and payrolls rose by 185,000 workers in November, data may show today.
“The Indonesian news will support nickel and tin for a while,” said Chae Un Soo, a metals trader at Korea Exchange Bank Futures Co. in Seoul. Investors will also watch U.S. job data for clues on the timing of cuts to Federal Reserve stimulus, he said.
Jobless claims unexpectedly fell to 298,000 in the week ended Nov. 30, the lowest in more than two months, while gross domestic product climbed at a 3.6 percent annualized rate in the third quarter, the strongest since the first quarter of 2012. Fed policy makers meet Dec. 17-18 after minutes of an October gathering showed they may reduce $85 billion of monthly bond buying should the U.S. economy improve as anticipated.
LME copper stockpiles fell 1 percent to 411,400 tons, the lowest since Feb. 19, data from the bourse showed yesterday. Workers at Codelco’s Chuquicamata smelter in Chile went on strike Dec. 3 over bonus talks, the company said Dec. 4. Codelco is the world’s biggest copper producer.
Copper for delivery in February climbed 0.4 percent to close at 50,910 yuan ($8,367) a ton in Shanghai. Futures for delivery in March rose 0.2 percent to $3.237 a pound in New York.
In London, tin added 0.5 percent to $23,093 a ton after touching $23,198 yesterday, a five-week high. Aluminum, zinc and lead were little changed.
--Editors: Jarrett Banks, Thomas Kutty Abraham