Forward arrivals grow nickel stocks in Shanghai-bonded areas on week

SHANGHAI, Jan 11 (SMM) – Nickel inventories in the Shanghai bonded areas increased 1,000 mt, or 3.6%, from a week ago and stood at 29,000 mt as of Friday January 11, SMM data showed.

Arrival of forward cargoes grew bonded stocks in a closed import arbitrage window. Downstream buyers continued to purchaseas needed this week, and traders also kept in-plant inventories at lows before CNY. 

Buyers mostly purchased from domestic traders, and barely moved cargoes from the bonded warehouses, which accumulated bonded stock.