Nickel futures climbed to around $17,300 per tonne, rebounding from a more than one-month low, supported by renewed hopes for a temporary easing of tensions in the Middle East. Risk appetite improved after the US proposed a one‑month ceasefire to Iran, prompting short-term gains across industrial metals.
On the supply side, Nickel Industries secured approval for sales of 14.3 million wet metric tonnes of nickel ore for 2026 in Indonesia. The decision offers greater visibility on both domestic and export supply, helping to underpin futures prices. At the same time, the market remains wary of potential windfall taxes on nickel in Indonesia, which could raise production costs and weigh on output.
Sentiment was further supported by liquidity measures in China, as the People’s Bank of China injected 500 billion yuan through a medium-term lending facility operation. Even so, nickel prices continue to trade in a highly sensitive range, oscillating between improving supply clarity and persistent geopolitical risks.
