Nickel inventory in Shanghai bonded areas up 2% on the week

SHANGHAI, Aug 10 (SMM) – Nickel stocks in Shanghai bonded warehouses grew 2% from a week ago to 62,000 mt as of Friday August 10, SMM data showed.

Cargo arrivals for previously signed forward contracts accounted for the increase. The average shipment period of cargoes is a month. 

While import arbitrage window opened last week, it took up to four days for cargoes in the bonded area to enter the domestic market. The amount that moved from the bonded area to the domestic market stood lower than new arrivals during the week, and this also grew stocks in bonded warehouses.