Nickel traded around $17,900 per tonne, recovering slightly from a two-month low of around $17,700, as concerns over Indonesia’s mining policies reinforced expectations of slower supply growth. Sentiment was underpinned by reports that recent quota restrictions and ore pricing changes have significantly increased production costs, prompting Chinese investors to warn that up to $50 billion in nickel-related investments could be affected. The developments heightened uncertainty over output growth in Indonesia, which accounts for more than two-thirds of global refined nickel supply. However, gains remained limited after Jakarta recently signaled greater flexibility on production quotas to support industry stability and investment. Additional pressure came from a persistent inventory overhang, with nickel stocks in London and Shanghai exchange warehouses remaining near multi-year highs, underscoring ongoing surplus conditions.

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