Nickel Hits 4-week High

Nickel fell to around $17,030 per tonne in late July, retreating from an over one-month high near $17,300, as investors locked in profits following a strong rally in recent weeks. Prices also came under pressure after Indonesia moved to resolve regulatory bottlenecks that had delayed exports of some nickel products, easing concerns over near-term supply disruptions. The move followed reports that the government is working to address uncertainty over the allowable rare-earth content in mineral shipments, which had disrupted exports of nickel products and alumina. Still, losses were limited by signs of tighter market conditions, with LME nickel inventories declining for six consecutive sessions, while support from Indonesian mining policies and slower nickel ore shipments from the Philippines had helped lift prices.

Nickel increased to 17370.00 USD/T, the highest since June 2026. Over the past 4 weeks, Nickel gained 3.09%, and in the last 12 months, it increased 11.91%.

Nickel traded around $17,300 per tonne, extending gains to its highest level in over a month 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 sought 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.