On March 19, the most-tradedSHFE nickel contract2605closed at Yuan 131,550/tonne, down 2.94% for the day, after briefly breaking below the Yuan 130,000 threshold during the session to hit a low of Yuan 129,820/tonne. Amid escalating geopolitical tensions in the Middle East, market concerns over a potential global economic downturn rapidly intensifiedandplacedthe non-ferrous metals complex under broad pressure.In terms of nickel ore, Indonesia's Ramadan period is nearing its end, and RKAB quotas are expected to see some release. However, against a backdrop of tightened supply, the volume of quotas released is likely to remain constrained. Nickel ore continues to provide price support. In the refined nickel sector, the physical market remained under pressure overall last week.