Last week, nickel prices fell first and then rose. At the beginning of the week, the most-traded SHFE nickel 2607 contract broke through multiple key psychological levels of Yuan 142,000/tonne, Yuan 140,000/tonne, and Yuan 139,000/tonne in succession, hitting a low of around Yuan 134,000/tonne, with cumulative weekly losses at one point exceeding 3%. LME nickel also fell below US $18,500/tonne and continued to trade with a weaker bias, hitting a low of around US $17,680/tonne midweek. On Friday, macro sentiment improved, and both SHFE and LME nickel rebounded slightly. On the nickel ore front, Indonesian officials signaled that nickel ore quotas could be increased, loosening earlier expectations of supply contraction in the forward period. The strong earthquake in the Philippines caused short-term disruptions to shipping, but the actual impact was limited.