The price of nickel rose due to the tightening supply outlook.

Nickel prices rose in early Asian trading, with the three-month nickel contract on the London Metal Exchange up 0.6% at $19,215.00 per ton. According to a report from ANZ Research, market sentiment is supported by the prospect of tightening supply in Indonesia, as the country has lowered its mining quotas to boost prices and address the oversupply issue in the mining industry. ANZ Research added that a global shortage of sulfur has exacerbated this situation, as sulfur is a key component used in nickel processing.