Asia Pacific Equity Research 07 November 2025 J P M O R G A N Nickel Dashboard Awaiting Indonesia's supply-side reforms LME nickel remained flat in October, averaging USD15,287/t (+0.01% m/m). At present, LME prices are trading closer to the crucial USD15k/t level, ~2.2% below the October peak of USD15,418/t, as persistent oversupply and uncertainty on future demand weighs on sentiment. Global visible inventory increased to ~279kmt (an addition of 27kmt q/q), with 20kmt flowing alone into LME warehouses in ...