Market expects Indonesia nickel production cuts, LME nickel breaks through $16,000

Nickel prices rose for a fourth consecutive session as the market expects supply to tighten. LME nickel climbed as much as 2.7% intraday, breaking above $16,000 per ton and extending its rebound after hitting a nine-month low last week. "What everyone is most focused on right now is the scale of production cuts, and the reduction figures circulating in the market are quite substantial," said Gao Yin, an analyst at Shuohe Asset Management. Indonesian nickel plants continue to face pressure from weakening prices and rising costs, while tighter mining quotas are also constraining ore supply. This Southeast Asian country dominates global nickel supply, and changes in its output are a core driver of nickel prices.