Nickel futures traded above $19,200 per tonne, extending gains to near a one-month high, as tightening supply conditions supported prices. The market was buoyed by declining LME nickel inventories and fresh mining disruptions, including Zimbabwe’s restriction on nickel exports, which reinforced expectations of tighter global supply. Further support came from persistent constraints across the nickel supply chain. Market participants continued to monitor tight ore quotas in Indonesia and limited mixed hydroxide precipitate (MHP) availability, while some producers maintained output cuts amid elevated costs, limiting supply growth. Meanwhile, demand remained relatively resilient. China’s manufacturing PMI held at the expansion threshold of 50.0 in May, while expectations for continued growth in the electric vehicle sector supported the outlook for nickel consumption.

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