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Nickel futures were at $17,800 per tonne in late February, not far from their highest in one month and holding the metal's rally that broke through in December last year amid risks of tighter supply. The Indonesian government announced that the quotas fore nickel ore production would be cut by more than 100 million tonnes from the previous year to a cap of 270 million in 2026. This followed statements from major miners in the Weda Bay area that production will see aggressive pullbacks, consolidating Jakarta's move and erasing chances that mining giants would still negotiate higher quotas due to the historical ambiguity on caps to wet tons. Previously, Indonesian authorities had also signaled they would crack down on illegal mining activities, magnifying the impact of lower supply. Elsewhere, prices continued to be supported by commodity funds as nickel's utility in datacenters and electrification technologies made it a proxy to bets on AI that have gained speculative ground.

Nickel Holds YTD Gain

US heating oil futures climbed back above $2.70 per gallon on Thursday, recovering from a brief dip to trade at April 2024 highs as intensified Middle East tensions and rebounding crude oil feedstock costs outweighed a record domestic inventory build. This rally occurred as investors shrugged off the EIA's staggering 15.99 million barrel surge in US crude stocks to focus on the high-stakes third round of nuclear talks in Geneva. While negotiators signaled some flexibility, a defiant statement from Iranian state media regarding uranium exports reignited fears of a breakdown that could threaten flows through the Strait of Hormuz. Demand for the fuel was further bolstered by a late-season winter storm in the US Northeast, which temporarily reversed the bearish impact of unseasonably warm forecasts in the West. Supply side pressures were reinforced by reports that OPEC+ may delay its planned April production hike if geopolitical risks persist, keeping the global balance tight.

Heating Oil Surges to April 2024 Highs

The Venezuelan Bolivar touched 48.00 against the USD, the highest since December 2024. Over the past 4 weeks, Venezuelan Bolivar gained 13.72%, and in the last 12 months, it increased 540.66%.

Venezuelan Bolivar Hits 14-month High

The FTSE MIB gained 0.5% to 47,426 on Thursday, nearing record levels amid the release of multiple earnings reports. Eni rose 2.5% after posting a 35% year-on-year jump in adjusted Q4 earnings, driven by strong exploration and production and improved refining margins. Stellantis climbed 4.2% despite a negative 2025 result, as it raised revenue growth projections. Prysmian edged up 0.1% on record EBITDA, though concerns linger over valuation. In contrast, Leonardo fell 0.9% despite strong Q4 results, as investors reacted to ongoing US-Iran talks viewed as critical to avoiding conflict.

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