SMM: nickel inventories rose 12 per cent to 30831 tonnes from the previous week, the highest level since June 1, 2018, according to exchange data released on Friday.
The latest data show that LME nickel stocks are down 68 per cent so far this year and are now near an 11-year low of about 66474 tonnes.
Indonesia, the number one nickel ore producer, said earlier this year that it would ban exports of nickel ore from next year, leading refineries to seize supplies.
China is the world's largest consumer of nickel, mainly used to produce stainless steel and electric car batteries.
Data on Friday also showed that lead stocks jumped 34.7 per cent to 28850 tonnes, the highest level since the week of august 30.
A grand event for thousands of people in China's non-ferrous metal industry
Shanghai colored net (SMM) annual meeting is the annual event of the metal industry, with an annual participation scale of thousands of people, domestic and foreign metal industry people gathered together to review and summarize the experience and harvest of the year, and lay the groundwork for the production, operation and operation of the coming year.
This year's "2019 China Nonferrous Metals Industry Annual meeting and 2020 (SMM) Metal Price Forecast Conference" was jointly created by SMM and China Renewable Resources Industry Technology Innovation Strategic Alliance and Shanghai Nonferrous Metals Industry Association. At the same time, the first "China Renewable Metals Industry chain Development Summit Forum" was held, and SMM metal price forecasting conference and waste battery recycling exchange were set up for you to enjoy. From the development of non-ferrous metal market to the recycling of renewable resources, from the detailed explanation of policies and systems to the research and development of industrial chain technology.
This is not only a meeting, but also an industry exchange of information, collision thinking sparks of brainstorming!
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