- The global nickel prices appear to be bottoming up in 2024, but the increase in nickel prices may be more of a product of declining global output rather than increasing demand.
- The Indonesian economy should not count too much on the recovering global energy prices to re-energise its trade surplus, given the lingering inventory problem in China that suppresses nickel prices in the Chinese market.
- The potentially limited impact of the recovering global nickel prices on Indonesia’s trade revenues and CA means that BI would need to rely on market interventions to stabilise the Rupiah.
