International News 13 February 2026
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Malaysia Raises March CPO Reference Price, Export Tax Stays at 9%
Malaysia has increased its crude palm oil (CPO) reference price for March to 3,896.09 ringgit (US$996.95) per metric ton, according to a circular issued by the Malaysian Palm Oil Board (MPOB) on Thursday (February 12, 2026). Despite the higher benchmark—up from 3,846.84 ringgit per ton in February—the export duty remains unchanged at 9%, as the new price level does not trigger a higher tax bracket. Under Malaysia’s export tax structure, CPO is subject to a 3% duty when prices range between 2,250 and 2,400 ringgit per ton, with the maximum rate capped at 10% for prices exceeding 4,050 ringgit per ton. Since the March reference price remains below that upper threshold, the export tax stays at 9%.
Nickel Prices Jump After Indonesia Slashes Weda Bay Output Quota
Nickel prices rallied on Thursday (February 12, 2026) after Indonesia sharply reduced this year’s production quota for PT Weda Bay Nickel, the world’s largest nickel mine for critical minerals. The most-active nickel contract on the Shanghai Futures Exchange (SHFE) climbed 2.49% to 140,570 yuan (US$20,366.86) per ton, after surging as much as 3.14% earlier in the session. Meanwhile, the three-month benchmark contract on the London Metal Exchange (LME) rose 0.70% to US$17,990 per ton, extending Wednesday’s 2.23% gain. French miner Eramet said the mine received an initial 2026 quota of 12 million wet metric tons (wmt), sharply down from 32 million wmt in 2025, and plans to request a revision. Weda Bay is jointly owned by Eramet, China’s Tsingshan, and Indonesia’s state-backed PT Aneka Tambang (Antam). The quota cut comes as Indonesia has reportedly approved a total national nickel production quota of around 260–270 million tons for 2026. Analysts said the move has boosted short-term sentiment, though Indonesia has historically sought to prevent nickel prices from staying above US$18,000 per ton for extended periods to protect the competitiveness of its domestic electric vehicle (EV) industry. Elsewhere, copper prices also gained on a weaker U.S. dollar, with SHFE copper rising 0.45% and LME copper up 0.42%. Among other base metals, zinc and tin advanced in both exchanges, aluminum was mixed, and lead traded largely flat.
Nikkei Surges Past 58,000 as “Takaichi Trade” Extends Rally
Japan’s Nikkei 225 briefly surged above the 58,000 mark for the first time on Thursday (February 12, 2026), extending its sharp rally following Prime Minister Sanae Takaichi’s landslide election victory on a pro-stimulus platform. The index rose 0.4% to 57,874.61 after touching an intraday high of 58,015.08 as markets reopened after a national holiday, bringing its year-to-date gain to around 15%. The broader Topix index climbed 0.8% to 3,884.16. Investors are betting that the Liberal Democratic Party’s strong mandate will pave the way for increased fiscal spending and tax cuts, fueling what markets have dubbed the “Takaichi trade,” which has lifted equities while pressuring government bonds and the yen. Analysts noted that while strong earnings and political clarity have supported the rally, signs of overheating are emerging, raising the risk of profit-taking. Among individual stocks, Honda Motor fell 3% after reporting a 61% drop in third-quarter profit, while investors awaited SoftBank Group’s earnings, particularly updates on its AI investment plans. Within the Nikkei, 148 stocks advanced against 74 decliners, led by Shiseido (+14%) and AI-related supplier Mitsui Kinzoku (+11%). On the downside, Sharp dropped 11%, followed by consulting firm Baycurrent, which fell 8.6%.