Indonesian President Joko Widodo said earlier in the day that the government will impose a ban on exports of bauxite ore and encourage the development of processed bauxite in the country starting from June 2023.
As of 08:37 GMT, the cost of one tonne of aluminum rose 0.99% to $2,399.5.
Bauxite ore is one of the main components in the aluminum industry. Indonesia is the sixth largest producer of bauxite in the world and has the fifth largest reserves.