Nickel inventories in Shanghai bonded zone fell

SMM data shows pure nickel stocks in Shanghai bonded zone fell from a week ago, standing at 3,100 mt, including 1,920 mt of nickel briquette and 1,180 mt of nickel plate. The significant reduction in inventory in the bonded zone was mainly due to some imported nickel plates not being competitive in the spot market. The mainstream spot prices were selling at a discount to the SHFE nickel. As a result, some traders chose to import deliverable nickel plates into China when the price was right and then deliver them to warehouses approved by the Shanghai Futures Exchange.