EL7.AI
CommoditiesMedium•5 November 2026•
1 min read

Nickel Hits 5-Week High on Indonesia Crackdown as Copper Slumps to 3-Month Low

Key Facts

1Nickel prices on the London Metal Exchange jumped 3.8% to reach $16,375 per metric ton.
2The price surge follows an Indonesian crackdown on illegal mining companies operating in forest areas.
3Copper prices hit a three-month low simultaneously with the broader metal market shifts.

Nickel prices on the London Metal Exchange jumped 3.8% to reach $16,375 per metric ton on November 5, 2026. Mining.com reported that the surge followed an Indonesian crackdown on illegal mining companies operating in forest areas, marking a five-week high for the metal. Simultaneously, copper prices hit a three-month low as broader market shifts pressured industrial metals.

The supply-side shock from Indonesia, the world's largest nickel producer, coincides with official data released on November 5, 2026, showing the country's annual GDP growth at 5.47%. While nickel faces potential shortages due to enforcement actions, copper remains under pressure from macroeconomic concerns despite Indonesia reporting a trade balance surplus of $3.36 billion earlier in November.