Indonesia’s Reported Quota Rethink Caps Nickel Rally

Nickel prices have pulled back on speculation that Indonesia may raise its 2026 mining quotas. This potential move could ease supply bottlenecks and alleviate fears of a primary nickel deficit.

Key Takeaways

• 1.Indonesia is considering increasing its 2026 nickel mining quota to 360 million tonnes to ease supply restrictions.
• 2.Nickel prices retreated due to reports of potential supply increases and skepticism about a supply deficit.

Table of Contents

• Indonesia’s reported quota rethink caps nickel rally
• A year of policy intervention
• Indonesia's 2026 nickel policy timeline
• The supply-tightening story begins to fade
• Nickel prices have tracked Indonesia's policy announcements
• Combined LME and SHFE nickel inventories are at multi-year highs
• What it means for nickel

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