Nickel stocks in Shanghai-bonded areas dip 14% from end-Sep

SHANGHAI, Oct 12 (SMM) – Nickel inventories in the Shanghai bonded areas decreased 14%, or 6,000 mt from the end of September to stand at 37,000 mt as of October 12, SMM data showed.

With an open import arbitrage window, importers continued to move Russian cargoes from bonded warehouses to the domestic spot market even as import earnings thinned at the end of September. 

Arbitrage opportunities also prompted importers to move October’s forward cargoes directly to the market. This limited materials that entered into bonded warehouses.