Indonesia has flagged plans to reduce nickel production this year to better balance supply with demand. It’s also set to levy punitive fines on miners for violating forestry permits, which may bankrupt some firms and disrupt output.
(Jan 7): Nickel retreated from the highest level in 19 months, as a strong rally that’s lifted base metals took a breather.
Three-month futures declined after spiking as much as 10.5% to near US$18,800 a tonne on Tuesday (Jan 6). The intraday surge — aided by risks to output in top supplier Indonesia, as well as a broad-based flood of investment in China’s domestic metals markets — was the largest since late 2022.
