Nickel Market Snapshot – 18 February 2026
Price and Recent Performance
- The London Metal Exchange (LME) price for nickel closed at US $17,150.80 per metric ton on 16 February 2026.
- This level sits below the 52‑week high of US $18,741.50 reached on 13 January 2026 and above the 52‑week low of US $13,820.80 recorded on 6 April 2025.
Trading Activity on MCX
- On 17 February 2026, the Multi‑Commodity Exchange (MCX) saw a muted recovery in base‑metal contracts.
- Nickel exhibited a limited strengthening relative to copper and crude oil, while the overall MCX BullDex index remained weak, signalling cautious risk‑taking among participants.
- Expert commentary from MCX analysts emphasized a measured approach to base‑metal trading, suggesting that short‑term volatility could persist despite the modest lift in nickel.
Supply‑Side Developments
- Nickel Industries Limited announced that its Hengjaya Mine has secured a 2026 RKAB quota increase from 9.0 million to 14.3 million wet metric tonnes of nickel ore.
- This expansion is part of Indonesia’s broader strategy to manage nickel supply and could influence future pricing dynamics.
Market‑Impact of Major Operators
- Vale reported a 67 % drop in 2025 net profit to US $1.98 billion, largely due to impairments in its Canadian nickel assets.
- The impairment was triggered by a downward revision of long‑term nickel price assumptions, indicating that market expectations for nickel are falling.
- While Vale’s results are for 2025, they reflect the same pricing pressure that is evident in current trading sessions.
Conclusion
The nickel market in February 2026 is characterized by a steady but cautious trading environment. Prices remain near the mid‑range of the 52‑week cycle, with supply‑side developments such as the Hengjaya quota expansion and demand‑side pressures reflected in Vale’s profit decline. Market participants are advised to monitor both exchange activity and corporate announcements for further signals of price direction.
