Pure nickel social inventory rose further last week

According to SMM research, pure nickel inventory in six regions across China stood at 11,755 mt as of October 27, up 556 mt from October 20. In detail, the inventory of nickel briquettes was 150 mt, down 29 mt WoW, and that of nickel plates was 11,605 mt, up 585 mt. Nickel prices were steadily declining last week. Downstream buyers were showing a strong reluctance to make purchases. Consequently, trading activity in the spot market remained weak. Additionally, the social inventory of pure nickel continued to accumulate.