Inventory of Refined Nickel in Bonded Zone Slightly Increased

SHANGHAI, Mar 25 (SMM) - At the beginning of this week, LME nickel maintained the same trend as last week, the spread between domestic and overseas markets gradually narrowed. As a result, the arrival and customs clearance in the bonded area were improved. The inventory of nickel briquette increased 100 mt compared with last week to 2,100 mt in Shanghai bonded zone as of Friday March 25. The inventory of nickel plate stood at 5,300 mt, an increase of 2,300 mt compared with last week. The increase of nickel plate and nickel briquette was due to the downward trend of prices in overseas market at the beginning of this week. Besides, the narrowed spread between domestic and overseas market aroused by the shortage of refined nickel in China also contributed to the increase of inventory. The import losses of nickel briquette and nickel plate were improved and began to gain slight profits. Under this background, nickel plates in bonded areas waited for the customs clearance. Since Wednesday, the excessive fund game of LME nickel caused the nickel price to deviate from the fundamentals, and the import losses expanded immediately. Thus, the situation of customs clearance in the following days shall pay close attention to the LME nickel prices.

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