FX.co ★ Nickel Futures Near One-Month High

Nickel futures traded above $19,200 per tonne, extending gains to approach a one‑month high as tightening supply conditions continued to support prices. The market drew strength from falling LME nickel inventories and new mining disruptions, including Zimbabwe’s restrictions on nickel exports, which reinforced expectations of a tighter global supply backdrop.

Additional support came from ongoing constraints across the nickel supply chain. Participants closely monitored strict ore quotas in Indonesia and limited availability of mixed hydroxide precipitate (MHP), while some producers kept output curbed due to elevated costs, further restricting supply growth.

On the demand side, conditions remained comparatively resilient. China’s manufacturing PMI held at the expansion threshold of 50.0 in May, and expectations for continued growth in the electric‑vehicle sector underpinned the outlook for nickel consumption.