The performance of nickel inventories on the two major exchanges is differentiated, and the Shanghai nickel inventory has reached a new high for more than three years!
According to data released by the LME, London nickel inventories rose to a new high of 72,300 tons in more than a year on February 8, and then the inventories fell back, and the overall London nickel inventory continued to fall last week, with the latest inventory level of 69,972 tons, falling to a new low in nearly a month. According to the data released in the previous period, Shanghai nickel inventories continued to accumulate in the week of February 23 and have now increased for four consecutive weeks, with weekly inventories increasing by 11.23% to 17,758 tons, a new high for more than three years.
According to data released by the London Metal Exchange (LME), the inventory of London nickel increased to a new high of 72,300 tons in more than a year on February 8, and then the inventory declined, and the overall inventory continued to fall last week, and the latest inventory level was 69,972 tons, falling to a new low in nearly a month.
According to the data released in the previous period, Shanghai nickel inventories continued to accumulate in the week of February 23 and have now increased for four consecutive weeks, with weekly inventories increasing by 11.23% to 17,758 tons, a new high for more than three years.
Note: Generally speaking, the continuous decline in the inventory of domestic and foreign exchanges will support the futures price, and vice versa, it will be bearish for the futures price.
The following is the nickel inventory data of the LME and the previous exchange since February 2024: (unit: tonnes)
