Hong Kong Stock Movers: Lygend Resource Surges Over 6% in Late Trading; First Three Quarters Net Profit Up More Than 60% Year-on-Year, Indonesian Policy Expected to Support Nickel Prices

Stock News11-02

According to a report, Lygend Resource (02245) rose more than 6% in late trading. As of press time, the stock is up 4.78% at HK$17.54, with turnover of HK$41.0816 million.

On the news front, Lygend Resource recently issued an announcement. Driven by the continued ramp-up of production capacity at its nickel smelting base on Obi Island in Indonesia, the company's overall operating scale expanded rapidly in the first three quarters. It achieved operating revenue of RMB 37.493 billion, up 26.22% year-on-year, and net profit attributable to shareholders of RMB 3.320 billion, up 62.31% year-on-year.

Changjiang Securities pointed out that Indonesia's tightening of nickel ore RKAB approvals has constrained supply, giving nickel prices strong support at US$15,000-16,000. The Indonesian government has stated that the revised quota for 2026 will be 290 million to 300 million metric tons, and in 2027 it will consider surplus conditions, with the RKAB to be below the total volume for 2026. As a country accounting for nearly 70% of global nickel production, Indonesia's ore quota controls are expected to provide bottom support for nickel prices.

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