The apparant decrease in LME Nickel stockpiles as an indicator of a potential incraese in the price of Nickel is only one indicator...one has to look at stainless steel demand which comprises ~75% of all primary nickel produced , and in what direction that is  going...

"...China’s Tsingshan Holding Group Co. was one of the main forces behind a record drawdown in London Metal Exchange nickel inventories last week, according to people familiar with the matter.

The company, the world’s biggest stainless steelmaker, bought the nickel to secure supplies ahead of a looming ban on raw nickel ore exports from Indonesia, said the people, who asked not to be identified because the deals are private.....Tsingshan is working with financing banks including JPMorgan Chase & Co. to take the metal off the exchange, the people said. Estimates for how much they bought range from 30,000 to 80,000 tons...."

https://www.bloomberg.com/news/articles/2019-10-08/china-s-tsingshan-helped-drive-record-drop-in-nickel-inventories