Nickel concentrate imports by China, the largest user of the metal, reached the highest in 19 months as rising metal prices encouraged smelters to purchase the raw material from overseas to boost output.
Nickel advanced for an 11th day to the highest level since February 2013 on concern that Indonesia’s ban on unprocessed ore exports will limit global supplies and as tensions escalated between Ukraine and Russia.
Chinese soybean importers may default on as much as two million metric tons of shipments as some fail to obtain credit from banks to make planned purchases, according to the U.S. Soybean Export Council’s Beijing office.
Aluminum exports from China, the world’s largest producer and user, rose to the highest level last month in more than two years as traders shipped the metal overseas for higher returns amid a record premium.