SHANGHAI, Aug 31 (SMM) – Nickel stocks in Shanghai bonded warehouses grew 1.5% from a week ago to 52,000 mt as of Friday August 31, SMM data showed. New arrivals from overseas exceeded the amount that moved from bonded areas to the domestic market over the week, and this accounted for the increase.
With shipment periods of about a month, forward cargoes started to grow bonded area stocks on the week, in line with SMM’s expectations.
Only a small amount of Norilsk nickel moved from bonded areas to the domestic market, SMM learned. While the import arbitrage window opened last week, it took four to five days for cargoes in the bonded area to enter the domestic market.
