Nickel inventories in Shanghai bonded zone rose

SHANGHAI, Aug 7 (SMM) -

SMM data shows pure nickel stocks in Shanghai bonded zone rose from a week ago, standing at 6,000 mt, including 1,970 mt of nickel briquette and 4,030 mt of nickel plate. The bonded zone inventory last week showed an accumulation trend, which largely aligned with SMM's expectations. This was primarily due to the high volatility in the market last week, coupled with sluggish downstream demand. Faced with elevated nickel prices, downstream purchasing intentions were weak. Additionally, the continuous closure of import windows contributed to a slight increase in bonded zone inventory.