Zeal Investments has published a long authoritative-seeming report on Jan 29th entitled "Soaring Base Metals Stockpiles". It is quite interesting, but unfortunately I do not know how to link it here. With regard to nickel, it states that LME stockpiles are more than double the previous high point since 1998 and that this overhang is suppressing the price.

I would think these stockpiles would have to be largely reduced before we can expect substantial upward price movement. This may be quite protracted in view of current world economic expectations. Of course, the better mines are doubtless profitable at current nickel price levels, so we have that going for us.

Best, O.F.