LME Nickel Stocks Hit a More than 2-Year’s Low, SHFE Nickel Stocks Fluctuated Limitedly

SHANGHAI, Mar 2 (SMM) – According to data released by the LME, the nickel inventory across LME-listed warehouses has been falling all the way by about 69.9% from a high of 264,600 mt since April 2021. It continued to drop last week and hit a new low for more than two years at 79,500 mt.

SHFE data shows that the nickel inventory across SHFE-listed warehouses has fluctuated within a narrow range recently. In the week ended February 25, the SHFE nickel inventory dropped to 5,189 mt, down 112 mt on the week but still at a relatively high level.

The falling inventories will support the nickel futures prices.