Nickel stocks in Shanghai-bonded shrink as losses narrow

SHANGHAI, Dec 21 (SMM) – Nickel inventories in the Shanghai bonded areas fell 1,000 mt, or 3.4% from a week ago to stand at 28,000 mt as of Friday December 21, SMM data showed.

Importers moved their cargoes from bonded warehouses to the domestic markets this week after losses on imported nickel narrowed to 400 yuan/mt last Thursday and Friday.

Stocks across traders declined after brisk trades earlier this month, which prompted traders to restock and lowered inventories in bonded areas.

We learned that a small amount of seaborne cargoes arrived at Chinese ports this week. They didn’t flow into the bonded warehouses and directly entered the domestic markets.