FX.co ★ Nickel Holds Near 1-Month High

Nickel traded near $17,300 per tonne in late July, hovering close to its highest level in more than a month and marking a gain of over 5% for the period, as supply concerns in Indonesia underpinned prices. Smelters in Indonesia operated by Tsingshan Holding Group, the world’s largest nickel producer, halted some export loadings of mixed hydroxide precipitate and disrupted shipments of other nickel products after authorities stepped up inspections over potential rare-earth content in cargoes. These delays fueled worries about possible supply disruptions in the world’s top nickel-producing country, although the government moved to ease regulatory bottlenecks by coordinating with industry stakeholders and relevant agencies. At the same time, expectations of tighter Indonesian production controls and rising sulfur costs continued to lend support to nickel prices.