Group 1 - Goldman Sachs and Macquarie raised their 2026 nickel price forecasts due to signals from Indonesia indicating a tightening in ore supply, with Goldman Sachs increasing its forecast from $14,800 per ton to $17,200 per ton [2] - Goldman Sachs anticipates that nickel prices could reach around $18,700 per ton by the second quarter of 2026 as supply tightens [2] - Macquarie raised its average nickel price forecast for 2026 from $15,000 per ton to $17,750 per ton [2] Group 2 - Company is a leading global nickel enterprise with a comprehensive coverage of the nickel industry chain, starting from nickel ore trading and gradually transforming into a full-fledged industrial company [2] - The company has signed long-term trade and supply agreements with mining companies in the Philippines and Indonesia, and has established a total nickel production capacity of 400,000 metal tons on OBI Island, Indonesia [2] - The company has extended its operations downstream to include nickel sulfate and cobalt, forming a complete nickel product service system [2] Group 3 - Company’s stock, Likin Resources (02245), rose over 5%, trading at HKD 26.96 with a transaction volume of HKD 64.17 million [3]

Core Viewpoint - The stock of Lygend Resources (02245) has increased by over 5%, reaching HKD 26.96, driven by upgraded nickel price forecasts from Goldman Sachs and Macquarie due to tightening supply signals from Indonesia [1] Group 1: Nickel Price Forecasts - Goldman Sachs raised its 2026 nickel price forecast from USD 14,800 per ton to USD 17,200 per ton, predicting prices could reach around USD 18,700 per ton by Q2 2026 as supply tightens [1] - Macquarie increased its 2026 average nickel price forecast on the London Metal Exchange from USD 15,000 per ton to USD 17,750 per ton [1] Group 2: Company Overview - Lygend Resources is a leading global nickel enterprise with a comprehensive coverage of the nickel industry chain, starting from nickel ore trading and gradually transforming into an industrial company [1] - The company has established long-term trade and supply agreements with mining companies in the Philippines and Indonesia, and has developed a total nickel production capacity of 400,000 metal tons on OBI Island, Indonesia [1] - Lygend Resources has extended its operations downstream to include nickel sulfate and cobalt, forming a complete nickel product service system [1]

Core Viewpoint - Goldman Sachs and Macquarie have raised their nickel price forecasts for 2026 due to signals from Indonesia, the world's largest nickel producer, indicating a reduction in production limits, which is expected to tighten ore supply [1] Group 1: Price Forecasts - Goldman Sachs increased its 2026 nickel price forecast from $14,800 per ton to $17,200 per ton, predicting that prices could reach around $18,700 per ton by the second quarter of 2026 as ore supply tightens [1] - Macquarie raised its 2026 LME nickel average price forecast from $15,000 per ton to $17,750 per ton, noting that Indonesia's tightening supply policy has adjusted its global nickel market balance forecast from a surplus of 250,000 tons to a surplus of 90,000 tons [1] Group 2: Supply Adjustments - Indonesia's Minister of Energy and Mineral Resources committed to reducing production in mid-December last year, which has contributed to the rebound in nickel prices [1] - The annual mining permit volume in Indonesia is set to decrease from 379 million wet tons in 2025 to between 250 million and 260 million wet tons this year [1]