Resolves YES if the official London Metal Exchange (LME) settlement price for nickel on April 1, 2026, exceeds $25,000 per metric tonne. The LME price reflects global nickel market conditions and is influenced by supply disruptions such as Papua New Guinea's temporary nickel ore export halt, which accounts for about 3% of global supply and has tightened market availability. This threshold is near the expected price given recent supply constraints and demand growth from energy storage sectors. Prices used for resolution exclude intra-day spikes and are based on the official closing price published by LME on the settlement date.

The temporary halt in nickel ore exports by Papua New Guinea can impact global supply chains, specifically increasing pressure on nickel resource availability and influencing nickel futures pricing.

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