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SHANGHAI, Aug 23 (SMM) – Inventories of refined nickel in the Shanghai bonded areas rose this week, as shipments under long-term supply agreements arrived.
SMM data showed that stocks gained 11.9%, or 2,600 mt from a week ago to stand at 24,400 mt as of Friday August 23. Briquettes accounted for 6,200 mt, up 24% or 1,200 mt from last Friday August 16.
Wide import losses, meanwhile, deterred cargoes from leaving bonded warehouses. SMM calculations showed that the losses on imported nickel averaged 7,000 yuan/mt this week.
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