ARL chart, page-3737

Yes, looks like it’s a combo of three factors: ban on Russian Ni, Ruang volcano eruption, and China on buying spree.
Don’t understand why China is buying on LME though, if it will soon be siphoning Russian Ni at discounted prices.

Market Index, 16 April 2024 - Russia is responsible for around 6% of global nickel production, but as much as 14% of refined nickel products. Approximately 36% of LME warehouse nickel inventories are of Russian origin.
This is the least proportion of inventories of the three metals covered by the new sanctions.
It’s also worth noting that cheap supplies of nickel from producers in Indonesia flooded the market in 2023. This caused the LME Nickel price to experience the greatest decline from the post-Ukraine invasion highs of any LME base metal.
The LME nickel price has also been the slowest to recover of any base metal since the 2023 lows.

LONDON, April 19 (Reuters) - Nickel prices hit a seven-month high on Friday, driven by market talk of Chinese plans to buy the metal for state stockpiles and worries about tighter supplies from top exporter Indonesia.