Nickel inventory at Shanghai bonded areas up 5% on the week

SHANGHAI, Jun 22 (SMM) – Nickel inventory at bonded areas in Shanghai amounted to 57,500 mt as of Friday June 22, up 5% on the week on growing inflows and limited outflows, SMM data showed.

Given a shrinking domestic inventory, some traders were keen to reroute international cargoes to bonded areas in anticipation of an open import arbitrage window.

Meanwhile, trading of imported cargoes was poor as import losses lingered. Limited nickel plate flowed into the domestic spot market from bonded area.

SMM started to track nickel inventory at Shanghai bonded areas from May 25.