Shanghai bonded nickel stocks extend gains in closed import arbitrage window

SHANGHAI, Sep 6 (SMM) – Inventories of refined nickel in the Shanghai bonded areas continued to grow this week, as limited cargoes flowed from bonded warehouses to the domestic markets in a closed arbitrage window, while seaborne shipments arrived.

SMM data showed that the stocks have gained for seven weeks in the past eight weeks, and rose 8%, or 2,100 mt, from a week ago to stand at 28,500 mt as of Friday September 6.

Nickel briquettes accounted for 7,700 mt, up 15%, or 1,000 mt from the prior week.

Import losses narrowed to 6,000 yuan/mt this week, showed SMM calculations.