This week, LME nickel saw an independent market trend, with the March contract climbing from $18235/ton to $19125/ton, with a cumulative increase of $890 during the week, a rise of 4.88%. At the same time, although LME nickel inventory remained at a high level of over 270000 tons, 1038 tons (-0.37%) were depleted weekly, showing a divergence pattern of "strong prices and weak inventory". The expected supply contraction triggered by Indonesia's new nickel mining policy has become the dominant logic, but the huge inventory of 277000 tons is still the sword of Damocles hanging over the heads of bulls.