Shanghai nickel futures main contract plunged, falling nearly 2,000 points in a short period, reversing its intraday gains and currently trading at 129,320 yuan/ton. In terms of news, Weda Bay Nickel received approval for an additional 25 million tons of nickel ore RKAB quota. Combined with the quota already approved in the first half of the year, WBN's total nickel ore RKAB quota for 2026 has increased to approximately 37 million wet tons.