Like gold, nickel has also dropped quite significantly from its recent peak. But, owner of one of the gold mines in Indonesia is said planning to leave the gold mine to focus in the development of nickel, anticipating growing demand from electric vehicles.
Read MoreThe dollar rose to five-week highs on Wednesday on the prospect of tighter monetary policy and an upbeat U.S. economic outlook from the Federal Reserve’s new chief, while global equity markets slid, Reuters reported. Also pushing the greenback higher was euro zone inflation slowing to a 14-month low, which knocked the euro to six-week lows and underscored the European Central Bank’s caution in removing monetary stimulus in the region.
Read MoreThe Market in Indonesia went volatile and worsened in the past week. Last week (third week of the month), the composite index of the Indonesia Stock Exchange (IDX) fell 1.18% to 5,170 (on Friday last week). Mining stocks led the market correction, falling 8.46%, followed by property stocks (-2.48%), and trade & services (-2.52%). The rupiah also weakened further to Rp13,408 against the U.S. dollar on Friday. Foreign investors booked net sell of Rp3.16 trillion last week. On Friday, they booked net sell of Rp128.2 billion, cutting year-to-date net buy to Rp25.3 trillion.
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