The other way to look at it is how many of those short volume...

The other way to look at it is how many of those short volume are in fact hedging.

If you put yourself in the shoes of an early investor with a lot of shares under his belt and have a much bigger expectation over the long term, they would not be selling just because SPP phase is bearish from any up move. With the current price weakness, they have locked in their cap gain and arm with that comfort could then wait for opportunities to add more cheaper.

This is a sector wide attack from Li, Co and Graphite emerging sectors but the established Nickel producers are just tracking Nickel wichi is breaking resistance on another potential breakout rally.