Nickel ladder repricing: lower thresholds lag higher-strike moves

Nickel contracts at $15,099–$15,299/T surged +13-15¢ today while the $15,999 contract only moved -9¢ and the $16,299 moved -10¢ — creating an inverted ladder where lower thresholds now price HIGHER probability than their supersets. The $15,099 contract at 62¢ should be >= $15,999 at 51¢ by monotonicity; that 11¢ spread on a same-expiry ladder is a structural edge. Buy YES on the lower-strike contracts that have lagged the repricing.