Nickel just broke back to its highest level since March, after Indonesia—the world's top nickel producer—signaled it might trim output to support prices. The move shows how major suppliers can shift market dynamics with just one policy signal. It's a reminder that commodity markets don't exist in a vacuum; supply constraints anywhere can ripple across global asset classes, affecting everything from mining costs to macro sentiment. Traders watching inflation pressures and industrial demand are paying close attention to this one.