Shanghai bonded nickel stocks unchanged on week

SHANGHAI, Apr 10 (SMM) – Inventories of refined nickel in the Shanghai bonded areas barely changed amid thin trades this week, after two consecutive weeks of decline.

SMM data showed that inventories of pure nickel in the Shanghai bonded areas were roughly flat from a week ago at 18,600 mt as of April 10, with stocks of nickel cathode at 16,700 mt and nickel briquette at 1,900 mt. 

This week saw almost no arrivals of seaborne nickel at ports as the COVID-19 outbreak constrained logistics. It is understood that some cargoes are due to arrive in the second half of April. A rebound in Shanghai nickel prices this week narrowed the import losses but failed to reopen the import arbitrage window, and this resulted in muted trades of foreign cargoes.