L.M.EI wouldent use the LME as a full indication of the supply side if the nickel market. You also have the Shanghai metals exchange to consider. Ultimately nickel held in storage can come & go from lme approved facility to a facility that's not lme approved. As soon as stock goes to a warehouse that not lme approved its taken of the books but the supply is still there waiting to enter the market. A better indication which dosent exist would combine date from lme & non lme. That would give a better scope of the supply side.