Norilsk Nickel Shares Retreat as Russia Raises Export Duty 16%

OAO GMK Norilsk Nickel, the world's largest producer of nickel and palladium, declined after Interfax reported Russia raised the export duty on nickel by 16 percent.

Norilsk fell 0.8 percent to 4,880 rubles by the close in Moscow, after losing as much as 1.4 percent earlier.

The Russian government raised the export duty on nickel by 16 percent to $1,447.6 a ton, Interfax reported. The tariff went into effect today, according to the news service.