16.02.202603:30:02UTC+00Nickel Futures Hit Over 1-Month Low

Nickel futures fell to around $16,900 per tonne, erasing the previous session’s gains and hitting their lowest level in more than a month as traders locked in profits after a recent rally. Prices had approached $18,000 last week after Indonesia sharply cut output at PT Weda Bay Nickel, the country’s largest nickel mine, fueling concerns over tightening supply and driving prices higher.

The rally, however, lost momentum as investors reassessed both the extent and timing of the planned production curbs, while speculative players unwound positions, adding to the downturn. The metal also faced headwinds from broader weakness across base metals, with copper and aluminum declining alongside softer global equity markets and US labor data that tempered expectations for imminent interest rate cuts.

At the same time, seasonal factors in China ahead of the Lunar New Year have slowed physical trading, curbing demand and further limiting price support. Market participants remain focused on incoming supply signals to gauge the next move in nickel prices.