Downstream Manufacturers have Strong Demand for Goods Delivery

SHANGHAI, Apr 1 (SMM) - LME nickel has experienced two big fluctuations and has little liquidity this week. Affected by LME nickel, SHFE nickel is weak this week, and the import losses still exist and stabilise. The inventory of nickel briquette in the bonded zone is 8,200 mt, up 800 mt from last week. The inventory of nickel plates is 5,300 mt, which is the same as last week. Due to the COVID-19 outbreak, the inventory in Shanghai bonded zone changes little this week, and the imports and exports in the Shanghai bonded zone have stagnated. The increase in nickel briquette stocks is mainly due to the low in-plant inventory of nickel sulphate in Chinese smelters, and the high demand for goods delivery by the manufacturers who have signed the long-term purchase agreement for raw materials. At present, LME nickel has not got rid of the capital game, and SHFE nickel is greatly affected by the price trend of LME nickel. The customs clearance in the following days depends on the LME nickel prices.

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