HK Stock Market Move | Nickel stocks rose across the board, Indonesian government supports nickel prices, and nickel prices are expected to rise above $18,000.

Nickel industry stocks rose across the board in the morning session. As of the time of writing, LYGEND RESOURCE (02245) rose 8.33% to HK$29.64, XINXIN MINING (03833) rose 3.42% to HK$2.72, and CNGR Advanced Material (02579) rose 3.4% to HK$38.28. On the news front, it was reported that there was a landslide at the Morowali Nickel Mine Center in Indonesia, resulting in the death of a worker and washing away several excavators, bulldozers, and dump trucks. Founder believes that this will have an impact on nickel production in Indonesia, considering the Indonesian government's supportive attitude towards nickel prices, and nickel prices are expected to operate above $18,000 per ton. It is reported that the Indonesian government expects the nickel ore quota for 2026 to be 250-260 million tons, a decrease of over 34% compared to 3.79 million tons in 2025. Guosen released a research report stating that Indonesia is the world's largest nickel ore supply country, with a very mature quota system, and it intends to increase the threshold and cost of nickel ore development through policy adjustments. The bank believes that future changes in nickel prices will mainly depend on adjustments to Indonesia's nickel ore quotas, and does not rule out the possibility of extreme tightening of nickel ore supply by the Indonesian government as a black swan event.