LME nickel settled at $19,170/mt on June 3 — up 24.6% year-on-year but below its Q2 high of $19,450. The market is shifting from structural oversupply toward balance as Indonesia's ore quota cuts tighten feedstocks and Zimbabwe imposes export restrictions. LME visible inventories are drawing after the 58% stock build in 2024. However, a large overhang of shadow inventories in Singapore and Kaohsiung continues to cap upside. This report covers price structure, supply disruptions, demand trends, inventory positioning, policy risks, and forward contracting strategy.
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