First Capital Futures: Indonesia policy implementation, nickel prices rebound and rise

K-LinePoet · 2026-02-12T14:00:33+00:00

The Ministry of Energy and Mineral Resources has released the 2026 Nickel Work Plan, with nickel ore production quotas ranging from 260 million to 270 million tons. The plating price surged nearly 3% at one point. Future nickel prices will be influenced by supply and demand balance, with limited upside potential. The support level has risen to 130,000, and there is a high likelihood of returning to 140,000.

K-LinePoet

2026-02-12 14:00:33

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Last night, the Ministry of Energy and Mineral Resources (ESDM) released the 2026 Nickel Work Plan and Cost Budget (RKAB), approving nickel ore production quotas between 260 million tons and 270 million tons, which is consistent with previous rumors. Last night, nickel prices surged significantly, approaching a 3% increase, then retreated somewhat, as the early news had already driven a sharp rise in nickel prices. In the short term, the news has limited room for further price increases. As Indonesia’s nickel mining policies are implemented, competition among smelting companies for resources will intensify, strengthening the nickel bottom support. In fact, the nickel price center of gravity has already shifted upward, with support levels rising from 120,000 to around 130,000. Going forward, there will be a game between strong reality and strong expectations, with the upside potential depending on supply and demand balance. Reaching 140,000 again is quite possible. (First Capital Futures)

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