Nickel production at Vale SA’s plant in New Caledonia, holder of the world’s second-biggest reserves, is set to resume within 10 days after the company received government permission to restart operations.
The Ibovespa dropped after minutes of the central bank’s most recent meeting showed policy makers expect slowing economic growth even as inflation remains close to the upper limit of the government’s target.
Nickel rallied to a two-year high, exceeding $20,000 a metric ton, as a plant closure in New Caledonia by Vale SA, the second-biggest producer, exacerbated global supply concerns fueled by Indonesia’s ore-export ban.
Nickel rose to the highest in 27 months, leading gains in metals, amid tightening supply and signs that the government will take steps to strengthen financial markets in China, the world’s biggest consumer.
Nickel climbed for a sixth day to trade near a 27-month high as Vale SA said operations remain halted at a plant in New Caledonia, further crimping supply that’s been hit by Indonesia’s ban on ore exports.
U.S. stocks rose, sending the Dow Jones Industrial Average to a record, as Internet shares rallied and retailers gained on earnings. The euro fell to a one-month low and coffee capped the biggest weekly drop since March.