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Nickel traded around $17,400 per tonne, falling to its lowest level in over two months, as investors extended profit-taking after a rally above $19,600 in early May. Sentiment weakened further as momentum-driven positioning unwound. Additional pressure came from soft demand conditions in China, where nickel salt transactions remained sluggish and stainless steel output showed limited improvement, while elevated exchange inventories reinforced oversupply concerns in the near term. However, supply-side uncertainty in Indonesia provided some offset, as tighter mining quotas, rising fiscal and regulatory scrutiny, and adjustments to benchmark pricing have raised questions over future output growth. Reports of Chinese-backed investors exploring alternative nickel projects outside Indonesia further highlighted potential shifts in investment flows and longer-term supply constraints.
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