Arrivals extend gains in Shanghai-bonded nickel stocks

SHANGHAI, Aug 9 (SMM) – Inventories of refined nickel in the Shanghai bonded areas extended their increases this week, bolstered by the arrival of forward cargoes that were ordered when the arbitrage window was open.

Import losses widened to an average of 5,400 yuan/mt this week, which deterred outflows to domestic markets, and helped grow bonded stocks.

SMM data showed that stocks expanded 1,000 mt, or 4.8% from a week ago to stand at 21,800 mt as of Friday August 9. This marked the fourth straight weekly increase.