Indonesia Nickel Prices Expected to Rise in 2026 on RKAB Production Cuts

INDUSTRY 
Indonesia Nickel Prices Expected to Rise in 2026 on RKAB Production Cuts 
Indonesia’s nickel industry expects prices to rebound in 2026 as the govt. plans to cut approved output under the RKAB framework, with production targeted at c.250 mn tons versus c.379 mn tons in 2025, according to Asosiasi Penambang Nikel Indonesia. APNI said global nickel surplus is projected to widen to 261 mn tons in 2026 (from 209 mn tons in 2025), with Indonesia contributing around 65% of excess supply based on discussions with Nickel Study Group, making domestic output control critical for price formation. However, the outlook faces regulatory headwinds, including updated HPM rules and higher administrative penalties under the latest ESDM decree, which industry groups are seeking clarification on regarding calculation methodology. (Kontan) 

Silver Prices Surged Above USD 80 per Ounce on Strong Industrial Demand 
Silver prices hit a record above USD 80/oz early this week, driven by robust industrial and investment demand, persistent supply deficits, the U.S. designation of silver as a critical mineral, and momentum-driven buying. Prices later corrected 4.2% to around USD 83.6/oz intraday as profit-taking emerged amid easing geopolitical tensions, reducing safe-haven demand. On a YoY basis, silver has surged over 160%, significantly outperforming gold’s c.70% gain and underscoring its status as one of the top-performing commodities in 2025. (Reuters) 

COMPANY 
Rukun Raharja (RAJA) Distributed IDR 105.68 bn Interim Dividend 
RAJA announced an interim cash dividend for FY25 totaling IDR 105.68 bn, equivalent to IDR 25/sh and implying a c.0.4% yield based on the 29-Dec-25 closing price of IDR 6,200/sh, following approval by BoD and BoC via Circular Resolution dated 29-Dec-25. The co. stated the dividend has no material impact on operations, legal aspects, financial condition, or business continuity. The schedule has not yet been disclosed. (Emitennews)