Philippine miners warned that hardline policies could backfire, especially as the Philippines has become the largest nickel exporter to China after previous top exporter Indonesia banned shipments of unprocessed minerals.

Moreover, nickel prices were also being supported by a weakening U.S. dollar, which has been lower three of the past four sessions. The USD has depreciated as markets anticipate an extended low-rate environment in response to the post-Brexit uncertainty.

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“We had Brexit and there is market expectations of interest rates to remain low,” Alan Liew at United Overseas Bank, told the DailyMail. “It is good for commodities.”

For more information on the nickel market, visit our nickel category.

iPath Bloomberg Nickel Subindex Total Return ETN