Nickel prices rose in Thursday trading for the fifth consecutive session after the world’s largest nickel mine in Indonesia received a much smaller production quota for this year, boosting supply concerns.

The three-month benchmark nickel contract on the London Metal Exchange touched $17,980 on Wednesday, its highest level since January 30.

French mining company Eramet said its PT Weda Bay Nickel project — a joint venture with China’s Tsingshan and Indonesia’s PT Antam — received an initial production quota of 12 million wet metric tons for 2026, down from 32 million wet metric tons in 2025, adding that it will apply for an upward revision of the quota.

After a prolonged period of low prices, nickel has jumped about 18.6% over the past three months and reached its highest level in more than three years on January 25, as Indonesia — the world’s largest nickel ore producer — pledged to curb supply.

Nitesh Shah, commodities strategist at WisdomTree, said Indonesia “clearly recognizes its pricing power,” noting that its control of roughly 60% of global output makes it “more influential than OPEC in the oil market.” He added that Jakarta has realized it does not need to overproduce to generate strong revenues.

Even so, the International Nickel Study Group expects a surplus of 261,000 tons this year, while LME futures positioning data showed that a single participant holds a short position in the February contract equal to between 20% and 29% of total open interest.

Other base metals were also supported by the weaker dollar, which makes US-priced commodities more attractive to holders of other currencies.

In trading, spot nickel contracts jumped 4.1% at 16:02 GMT to $17.5 thousand per ton.

Bitcoin held largely steady near the $67,000 level in Asian trading on Thursday, as investors assessed stronger-than-expected US employment data that reduced bets on a near-term interest rate cut by the Federal Reserve.

The world’s largest cryptocurrency was trading slightly higher by 0.4% at $67,102.8, but remained below the key $70,000 level, with market activity relatively calm amid declining liquidity.

Bitcoin had recently recovered from a sharp drop toward $60,000 earlier this month, but has since struggled to regain its upward momentum.

US jobs data trims easing bets… focus turns to CPI

Data released on Wednesday showed that US nonfarm payrolls increased more than expected in January, signaling continued strength in the labor market.

The unemployment rate remained near multi-month lows, while wage growth stayed firm, reinforcing expectations that the Federal Reserve will keep borrowing costs elevated for longer.

Following the jobs report, traders scaled back expectations for a near-term rate cut, with market pricing showing reduced odds of monetary easing before June. Expectations of higher rates for longer typically weigh on high-risk assets such as cryptocurrencies.

Investors are now watching weekly jobless claims data due later on Thursday for additional signals on labor market conditions.

Attention is also turning to the US Consumer Price Index report due Friday, which could offer a clearer view on inflation trends and the Fed’s policy path.

Bitcoin’s failure to break above the $70,000 level reflects cautious risk appetite and continued volatility after the recent selloff, keeping prices within a sideways range.

BlockFills halts withdrawals amid crypto market slide

Crypto liquidity provider BlockFills halted client withdrawals amid a sharp drop in digital asset prices, according to multiple media reports on Wednesday.

The Financial Times and other outlets said the move, which began last week, reflects efforts to protect clients and the firm during stressed market conditions and to restore platform liquidity.

According to the reports, clients are still able to trade spot and derivatives products under certain conditions.

BlockFills serves more than 2,000 institutional clients and handled trading volumes exceeding $60 billion in 2025, according to the Financial Times.

The decision to suspend withdrawals mirrors similar steps taken by crypto firms during previous market downturns.

Altcoin prices today

Most altcoins traded slightly higher on Thursday within narrow ranges.

Ethereum, the second-largest cryptocurrency, rose 1.1% to $1,972.92.

XRP, the third-largest digital token, gained 1.6% to $1.38.

Oil prices fell on Thursday as investors assessed the International Energy Agency’s downgrade of its global oil demand growth forecast for 2026 against the risk of escalating tensions between the United States and Iran.

Brent crude futures declined by 19 cents, or 0.27%, to $69.21 per barrel as of 12:32 GMT. US West Texas Intermediate crude slipped by 8 cents, or 0.12%, to $64.55.

The International Energy Agency said on Thursday that global oil demand will grow at a slower pace than previously expected this year, while also projecting a notable supply surplus despite disruptions that reduced output in January.

Brent and WTI benchmarks reversed from gains to losses after the agency’s monthly report was released, having earlier drawn support from concerns surrounding US–Iran tensions.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that the two sides had not yet reached a final agreement on how to proceed regarding Iran, but negotiations with Tehran will continue.

Trump said on Tuesday he is considering sending a second aircraft carrier to the Middle East if no agreement is reached with Iran. No date or location has yet been announced for the next round of talks.

A sharp build in US crude inventories also capped early price gains. Stocks rose by 8.5 million barrels to 428.8 million barrels last week, according to the US Energy Information Administration, far exceeding expectations for a 793,000-barrel increase in a Reuters analyst survey.

EIA data also showed US refinery utilization rates fell by 1.1 percentage points over the week to 89.4%.

On the supply side, data from industry sources and Reuters calculations showed Russia’s seaborne exports of oil products rose by 0.7% month-on-month in January to 9.12 million metric tons, supported by higher fuel output and a seasonal decline in domestic demand.

The International Energy Agency reiterated in its report that global oil demand will grow more slowly than previously projected this year, with a sizeable supply surplus expected despite January disruptions.

Oil benchmarks reversed from earlier gains following the release of the monthly report, after having been supported by geopolitical concerns tied to US–Iran tensions.

Trump confirmed after meeting Netanyahu that no final path forward on Iran has yet been decided, stressing that negotiations with Tehran are ongoing.

He also pointed to the possibility of deploying a second US aircraft carrier to the Middle East if no agreement is reached, while the timing and venue of the next talks remain unspecified.

The large rise in US crude inventories continued to weigh on prices, after an 8.5 million barrel increase last week to 428.8 million barrels, well above analyst expectations.

Data also showed US refinery run rates fell by 1.1 percentage points to 89.4%.

On the supply front, Russia’s seaborne oil product exports rose in January by 0.7% on a monthly basis to 9.12 million metric tons, driven by increased fuel production and seasonally weaker domestic demand.

The Japanese yen headed for its largest weekly gain in more than a year on Thursday, increasing pressure on the dollar and signaling a possible shift in sentiment across currency markets.

The yen has risen about 2.8% against the dollar since the Liberal Democratic Party, led by Prime Minister Sanae Takaichi, won a landslide victory in Sunday’s election. If the currency maintains its strength through Friday, this would mark its biggest weekly advance since November 2024.

A fourth consecutive session of gains pushed the yen to a high of 152.25 per dollar before it last stabilized slightly below 153. A break above resistance at 152.05 is seen as a momentum shift for a currency that spent years weakening due to low interest rates and budget concerns.

Naka Matsuzawa, chief market strategist at Nomura Securities in Tokyo, said: “These are Japan-buying bets,” noting that the yen — rather than the euro — has become the preferred vehicle for positioning for a weaker dollar and for supporting Takaichi’s plans to stimulate the economy.

This marks a shift from the pre-election selloff that had been driven by concerns over how the government would finance its pro-growth policies.

Matsuzawa added: “Foreign investors are buying both stocks and bonds. With a stronger government, markets hope for higher growth… Looking at the next 12 months, we could see a stronger yen alongside rising equities.”

The yen also posted notable gains against other currencies, rising more than 2% against the euro so far this week.

Positioning data showed that as of last week, speculators held modest net short positions in the yen, meaning recent gains may have been amplified by the unwinding of some of those bets.

In addition, the threat of official intervention near the 160 yen-per-dollar level has led markets to believe downside risks for the yen are somewhat protected.

The Dollar Under Pressure

Yen strength has spilled over into global markets.

Nick Rees, head of macro research at Monex, said: “With the yen rising, it is putting some downward pressure on the dollar,” adding that this is happening at a faster pace than expected before the Japanese election.

US economic data are also influencing dollar moves this week.

Traders have tended to interpret strong US economic data as a sign of broader global growth improvement and positive for non-dollar currencies — limiting the dollar’s benefit from stronger-than-expected US employment figures.

However, Rees noted that the headline jobs reading may have been inflated by temporary factors, including improved early-month weather that boosted construction hiring, along with a higher share of job gains in healthcare and social services.

He said: “If you strip out these factors, core job gains across the rest of the US private sector are much weaker than they appear,” which reduced the dollar’s initial jump after the data release.

Against a basket of currencies, the dollar edged slightly lower in the latest Thursday trading. US jobless claims data are due later, ahead of inflation figures on Friday.

Other Currencies

Elsewhere, the Australian dollar extended a strong rally after the central bank raised interest rates and signaled the possibility of further increases as part of its inflation fight. The currency touched a three-year high at $0.7146 on Thursday before easing slightly.

The Chinese yuan also continued its steady advance, as Lunar New Year–related liquidity demand pushed the currency above 6.90 per dollar for the first time in 33 months on Thursday.

The euro rose 0.11% against the dollar in the latest trading, and the British pound also advanced, despite data showing the UK economy barely grew in the fourth quarter of 2025.