Last week, SHFE nickel futures generally oscillated with a firmer bias. This was fueled by growing market expectations for a U.S. Federal Reserve rate cut, which led to a fluctuating U.S. dollar, and by China's the 15th Five-Year Plan (2026-2030) boosting anticipation for economic stimulus. While macro sentiment provided support, the fundamental picture of a supply surplus capped significant upward momentum. Nickel prices were expected to remain resilient in the near term, though their upside potential was viewed as limited.In the nickel ore sector, the seasonal rainy period in Indonesia spurred increased procurement enthusiasm among smelters. The premium for mainstream nickel ore held steady around +$26, keeping ore prices firm. In the Philippines, the onset of the rainy season significantly disrupted shipments.