HK Stock Market Move | LYGEND RESOURCE (02245) rose more than 7% as Indonesia significantly reduces nickel ore quota for 2026, nickel prices are expected to gradually rebound.

LYGEND RESOURCE (02245) rose more than 7%, at the time of writing, it was up 7.11% to 28.32 Hong Kong dollars, with a turnover of 96.6938 million Hong Kong dollars. On the news front, on February 11th, the main contract of Shanghai Nickel 2603 rose more than 4% to 139,670 yuan/ton. According to reports cited by the Shanghai Nonferrous Metals Network, the Indonesian Ministry of Energy and Mineral Resources (ESDM) released the nickel ore RKAB quota for 2026 on February 10th. The Director of Mineral Coal, Tri Winarno, confirmed that the approved production for this year is only 260 to 270 million tons. CITIC SEC previously pointed out that in the long term, Indonesia's regulatory attitude towards the mining industry is gradually becoming stricter, the growth rate of nickel ore production is expected to decline, and nickel prices are expected to gradually rebound from the bottom. Goldman Sachs previously raised its nickel price forecast for 2026 from $14,800 per ton to $17,200 per ton. Goldman Sachs stated that with tight ore supply supporting the market, prices could reach around $18,700 per ton by the second quarter of 2026. Macquarie raised its average London Metal Exchange nickel price forecast for 2026 from $15,000 per ton to $17,750 per ton.