Nickel has re-emerged as a subject of serious discussion in commodities markets in early 2026, after several years in which oversupply and falling prices dulled investor interest. Policy changes in Indonesia, the dominant force in global production, have tightened near-term supply expectations and helped steady sentiment across the sector. While the immediate shift reflects deliberate intervention, the broader investment case for nickel continues to rest on deeper structural forces tied to industrial demand and electrification. For much of the past three years, nickel markets were defined by abundance. Indonesia’s ... (full story)