HK Stock Market Move | Indonesian nickel mine quota disturbances resurface, Lygend Resource (02245) rises over 11%, and CNGR(02579) rises over 9%.
The nickel industry stocks rose in the morning trading session, as of the time of writing, Liqin Resources (02245) surged more than 11.22% to reach 25.78 Hong Kong dollars; Zhongwei New Materials (02579) increased by 9.14% to reach 39.16 Hong Kong dollars.
Nickel stocks rose in early trading, as of the time of writing, LYGEND RESOURCE (02245) was up more than 11.22% at HK$25.78; CNGR (02579) rose 9.14% to HK$39.16; XINXIN MINING (03833) was up more than 4.63% at HK$2.94.
In terms of news, there were disturbances in the Indonesian nickel mining quota again. The previous trading day, LME nickel closed at 18,785, up 6.7%, while SHFE nickel futures closed at 148,930, up 5.6%. According to a report by Caixin, Indonesian media quoted mining officials as saying that Indonesia may approve production quotas of approximately 260 million metric tons of nickel ore by 2026. CITIC Futures believes that considering 2026 will still be a period of concentrated release of additional production capacity for Indonesian wet-process (HPAL), in order to maintain a reasonable start-up rate for existing and under-construction projects, the bank estimates that Indonesia's theoretical demand for nickel ore in 2026 is expected to exceed the currently planned target of 260 million metric tons wet by about 15%. If this number is directly realized, it will create a significant tightening expectation in the market.
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