Shanghai-bonded nickel stocks decline as low domestic inventories drive deliveries

SHANGHAI, Mar 8 (SMM) – Inventories of refined nickel in the Shanghai bonded areas decreased by 1,000 mt, or 3.3% from a week ago to stand at 29,400 mt as of Friday March 8, SMM data showed.

The SHFE/LME price ratio rebounded as the import arbitrage window remained closed. This, and low domestic stocks, prompted traders to move warrants in the bonded warehouses to the domestic markets.

With cargoes in long-term contracts directly entering the domestic markets, limited forward arrivals entered bonded areas this week.