Nickel stockpiles just hit a major milestone. Inventories surged by over 20,000 tons—marking the biggest jump we've seen since 2019. This kind of inventory build-up typically signals shifting market dynamics, whether it's weakening demand or producers offloading supply. For traders tracking macro trends, this matters. Commodity pressures like these ripple through broader asset classes, including crypto markets that tend to track risk sentiment alongside traditional finance. The scale here—largest since 2019—suggests we're watching real structural movements in industrial metals, not just routine fluctuations. Worth monitoring as part of your macro framework.