Shanghai bonded nickel stocks extend gains amid closed arbitrage window

SHANGHAI, Sep 12 (SMM) – Inventories of refined nickel in the Shanghai bonded areas continued to increase this week, as forward shipments arrived and a closed arbitrage window prevented an outflow of cargoes from the bonded warehouses. 

SMM data showed that the bonded stocks have expanded for eight weeks in the past nine weeks, and grew 3.7%, or 1,050 mt, from last Friday to stand at 29,500 mt as of Thursday September 12. Nickel briquettes accounted for 7,800 mt, up 100 mt on the week.

Average import losses widened to 7,000 yuan/mt this week, from 6,000 yuan/mt a week ago, showed SMM calculations.