Shanghai bonded refined nickel stocks rose to about 16,500 mt on July 10

SHANGHAI, Jul 10 (SMM) – Inventories of refined nickel in the Shanghai bonded areas rose to 16,500 mt as of July 10, with nickel cathode stocks rising 400 mt week on week to 14,800 mt.

Nickel prices fluctuated at high levels this week. Foreign trades remained curbed, with import losses once narrowing to about 3,000 yuan/mt. Cargoes under long-term contracts arrived at ports this week, but only a small amount of nickel cathode entered bonded warehouses.

SMM learned that some nickel cathode will arrive in the second half of July, while shipments of nickel briquette are expected to decline.