Shanghai-bonded nickel stocks extend gains by 9.5% on week

SHANGHAI, Aug 2 (SMM) – Inventories of refined nickel in the Shanghai bonded areas extended their increases this week, as a wider import loss of 3,500 yuan/mt continued to deter outflows to domestic markets.

Arrival of forward cargoes that were ordered when the arbitrage window was open, also grew the bonded stocks.

SMM data showed that stocks expanded 1,800 mt, or 9.5% from a week ago to stand at 20,800 mt as of August 2. This marked the third straight weekly increase.