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Nickel traded around $17,000 per tonne, holding near one-month highs amid uncertainty over Indonesia’s production policies. Indonesia’s ongoing review of nickel production quotas remained a key focus, with the government limiting additional approvals to smelters facing raw material shortages, reinforcing expectations of tighter ore availability as policymakers seek to prevent oversupply and stabilize the market. At the same time, renewed Middle East tensions lifted oil prices and raised concerns over sulfur supplies, a key input for Indonesia’s nickel processing industry, increasing production cost pressures and adding to upward momentum in prices. Meanwhile, gains remained limited by weak downstream demand, with subdued activity in China’s stainless steel sector and cautious nickel sulfate purchases amid slower growth in nickel-based battery demand weighing on consumption prospects.
