Nickel futures climbed to around $17,900 per tonne, rebounding from last week’s sharp pullback, as buying momentum returned. Improving demand from Chinese stainless steel mills and EV battery producers is supporting the rebound, while speculative positioning is responding to ongoing supply uncertainty from Indonesia, the world’s largest nickel producer. Indonesia had signaled a potential 34% cut in 2026 output, but final quotas remain pending. Vale temporarily halted operations at its Pomalaa and Bahodopi mines amid pending approvals, adding to market caution, though operations at its flagship Sorowako mine continue. Traders are closely watching any further policy signals, which could trigger renewed price swings. Combined LME registered and off-warrant stocks surged 57.6% last year to 367,310 tonnes, with shadow stocks in Singapore and Kaohsiung accounting for much of the recent volatility, capping upside even as buyers re-enter after last week’s correction.

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