Nickel Stockpile Orders Increase to Highest Level Since April

Aug. 29 (Bloomberg) -- Orders to draw nickel from stockpiles monitored by the London Metal Exchange rose to the highest level since April on gains in Singapore and Rotterdam.

Nickel orders, or canceled warrants, jumped 25 percent to 8,676 metric tons, the highest level since April 14, exchange data showed today. Canceled warrants advanced 46 percent this week, a fourth weekly gain and the longest winning streak since November 2009. Inventories, down 23 percent this year, gained 1.7 percent this week to 105,018 tons.

Copper stockpile orders dropped 10 percent today to 9,350 tons, bringing the weekly decline to 20 percent, while stockpiles were little changed at 464,925 tons. Copper inventories are up 23 percent this year.

Lead canceled warrants jumped 30 percent, the most since Aug. 11, to 9,575 tons. That reduced this week’s drop to 22 percent.