Nickel climbed to its highest intraday level in nearly two years, driven by
Indonesia’s mining quota cuts and a global sulfur shortage tightening supply
conditions for battery metals. LME nickel is up about 10% since the Iran
conflict began, as higher sulfur prices raise disruption risks for processing in
Indonesia and copper leaching in Africa. Eramet’s Weda Bay mine is set to halt
output in May due to quotas. Analysts cited expectations of deeper production
cuts as a key bullish driver.
