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.
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