Nickel traded around $16,550 per tonne, falling to its lowest level since July, as prospects for increased Indonesian supply weighed on prices. Indonesia’s Weda Bay Nickel, one of the world’s largest nickel mining operations, restarted mining after four months of care and maintenance, potentially bringing additional ore supply back to the market, although the ramp-up will be gradual and production volumes for the remainder of the year remain uncertain. Additionally, Indonesia’s 2026 mining quota was set at 250–260 million wet tonnes, below 379 million tonnes in 2025, limiting the scope for higher Indonesian ore supply. At the same time, the US 10-year yield approached 5%, while the dollar index climbed above 99, weighing on base metals broadly. Meanwhile, cuts to Chinese HPAL and MHP output have tightened intermediate supply, providing a countervailing factor to the Indonesian supply outlook.