Nickel Extends Gains

2026-10-21 07:39 By Erika Ordonez 1 min. read

Nickel traded around $16,100 per tonne, extending its rebound amid short-covering and prospects of coordinated production cuts in Indonesia.

Major Chinese producers are expected to discuss output cuts at their Indonesian operations, raising hopes of tighter supply after August talks failed.

However, the broader outlook remains weighed down by persistent oversupply, despite tighter Indonesian mining quotas.

The International Nickel Study Group projected a 19,000-tonne global surplus in 2026, reversing its previous forecast of a 32,000-tonne deficit, with the surplus expected to widen to 70,000 tonnes in 2027.

Additionally, slower-than-expected growth in battery demand, partly due to competition from lithium iron phosphate chemistries, adds to concerns that supply growth will continue to outpace consumption.

The rebound's sustainability will depend on whether proposed production cuts translate into meaningful reductions in actual output.



News Stream
Nickel Extends Gains
Nickel traded around $16,100 per tonne, extending its rebound amid short-covering and prospects of coordinated production cuts in Indonesia. Major Chinese producers are expected to discuss output cuts at their Indonesian operations, raising hopes of tighter supply after August talks failed. However, the broader outlook remains weighed down by persistent oversupply, despite tighter Indonesian mining quotas. The International Nickel Study Group projected a 19,000-tonne global surplus in 2026, reversing its previous forecast of a 32,000-tonne deficit, with the surplus expected to widen to 70,000 tonnes in 2027. Additionally, slower-than-expected growth in battery demand, partly due to competition from lithium iron phosphate chemistries, adds to concerns that supply growth will continue to outpace consumption. The rebound's sustainability will depend on whether proposed production cuts translate into meaningful reductions in actual output.
2026-10-21
Nickel Rebounds From Near 10-Month Low
Nickel traded around $15,900 per tonne, rebounding from its lowest level in nearly ten months as traders closed short positions following the recent decline. At the same time, easing US Treasury yields reduced concerns over tighter financial conditions, offering modest relief to commodity prices. However, high inventories, weak stainless steel demand and increased Indonesian ore supply continued to weigh on the outlook. Indonesia’s lower October nickel ore benchmarks and plans to increase production under supplementary mining quotas reinforced expectations of ample supply. The International Nickel Study Group also projected a 19,000-tonne global surplus in 2026, reversing its previous deficit forecast, with the surplus expected to widen to 70,000 tonnes in 2027. Reduced smelter purchasing further underscored weak underlying demand.
2026-10-19
Nickel Hits 42-week Low
Nickel decreased to 15252.00 USD/T, the lowest since December 2025. Over the past 4 weeks, Nickel lost 5.4%, and in the last 12 months, it increased 0.31%.
2026-10-15