SHANGHAI, Jul 12 (SMM) – Inventories of refined nickel in the Shanghai bonded areas continued to shrink 1,000 mt, or 6.7% this week and stood at 14,000 mt as of Friday July 12, after they lost 900 mt a week ago, SMM data showed. 

Cash-in demand and the fulfilment of arbitrage operations moved cargoes from bonded areas to domestic markets, despite continued import losses. 

Seaborne arrivals did not grow bonded stocks as they directly entered the domestic markets.