Nickel stocks in Shanghai-bonded areas hold stable on week

SHANGHAI, Feb 1 (SMM) – Nickel inventories in the Shanghai bonded areas remained unchanged from a week ago and stood at 28,200 mt as of Friday February 1, SMM data showed.

Low stocks across domestic markets and pre-holiday stockpiling drove cargoes in the bonded areas to domestic markets.

For the same week, forward arrivals were parked in bonded warehouses. A closed import arbitrage window and an anticipated pick-up in consumption after Chinese New Year prompted importers to move their arrivals to bonded warehouses.