Nickel gains as Indonesia plans tightening commodities export controls 📈

Nickel futures (NICKEL) traded on the LME surged today to nearly USD 19,000 per metric ton following media reports that Indonesian state authorities — representing around 60% of global nickel production — may tighten controls over raw material exports. As a result, the market may be pricing in the prospect of lower nickel supply at a time when demand for the metal continues to grow, driven by clean energy technologies, electric vehicles, and steel production.

Goldman Sachs recently indicated USD 18,500 per metric ton as its target price for nickel by the end of 2026. However, in the event of significant export disruptions from Indonesia — considered an extreme scenario — prices could gain additional speculative momentum and potentially test new local highs near USD 20,000 per metric ton.

At the moment, nickel is trading close to the 38.2% Fibonacci retracement of the latest upward impulse and opened today’s session with a bullish price gap.

Source: xStation5

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Commodities

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