Thursday's moves follow a losing day on Wall Street, with stocks pressured by rising tensions in the Middle East. Attacks escalated between the U.S. and Iran. Iran struck Kuwait International Airport early Wednesday, while one day earlier U.S. Central Command said it had defeated multiple Iranian ballistic missiles and drones, and carried out "self-defense strikes" on Qeshm Island in the Persian Gulf. It said that this was in response to "attempted attacks" by Tehran.

Eramet’s Weda Bay Nickel Pauses Output After Quota Runs Dry

Indonesia cut WBN’s mining allowance to 12 million wet metric tons this year from 42 million in 2025, leaving its IWIP-linked operation seeking a permit extension.

What's going on here?

Eramet’s Indonesian joint venture Weda Bay Nickel has paused mining after using up its government-set production quota for the year.

What does this mean?

Weda Bay Nickel (WBN) – owned by France’s Eramet, China’s Tsingshan Group, and Indonesian state miner Antam – says Indonesia cut its 2026 mining allowance to 12 million wet metric tons, down from 42 million tons produced in 2025. The mine has been suspended since late May, trimming staff and moving into maintenance while it asks the mining ministry for a permit extension; WBN’s local CEO Jerome Baudelet said quota revisions (RKAB, the government’s work-plan and budget approval) are typically decided before the end of July. That matters because WBN feeds the Indonesia Weda Bay Industrial Park (IWIP), a major nickel-processing hub that handled about 120 million tons of ore last year, with roughly a third coming from WBN. If the extension doesn’t come through, Baudelet warned IWIP could face a roughly 30 million-ton ore shortfall, forcing more sourcing from places like the Philippines, where extra shipping and handling can raise costs.

Why should I care?

For markets: IWIP’s next ton of ore could cost more.

A tighter WBN quota doesn’t just reduce one mine’s output; it changes where IWIP gets its marginal supply – meaning the last tons needed to keep plants running. If nearby ore is capped, processors may have to rely more on imports, which can be pricier once logistics are added. When nickel products don’t rise in price by the same amount, those higher feedstock costs usually squeeze refiners and smelters first, potentially lowering operating rates. The other moving piece is timing: if RKAB revisions really cluster before end-July, the decision on WBN’s extension becomes a near-term marker for Indonesia’s nickel supply costs, not just volumes.

Answer to today's trivia question: Marilyn Monroe

It seems everyone has been turning Spotify into their own personal oldies station. The WSJ reports that roughly 1 in 3 songs streamed on the platform this year from January through April was at least a decade old, and 1 in 6 was at least 20 years old, leading a spokesperson to call 2026 Spotify’s “most nostalgic year.” We think the trend can go even bigger, though. Forget decades—let’s throw it back centuries and make a Gregorian chant the song of the summer.