Shanghai Nickel inventory continues to accumulate and reach a new high in over three years

According to data released by the London Metal Exchange (LME), nickel inventories showed a range of fluctuations last week, with an overall slight rebound. The latest inventory level was 71724 tons, reaching a new high in over a year. According to the data released in the previous issue, nickel inventories in Shanghai continued to accumulate during the week of February 2nd, with weekly inventories increasing by 3.32% to 15622 tons, setting a new high in over three years. Note: Generally speaking, a continuous decline in inventory on domestic and foreign exchanges will support the futures price, while conversely, it will have a negative impact on the futures price.

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