SHANGHAI, Jun 24 (SMM) – Inventories of refined nickel in the Shanghai bonded areas extended their increase this week as import losses stayed at high levels with the exchange rate of the US dollar edging lower against the Chinese yuan. Trades were muted at the bonded zone.
SMM data showed that the bonded stocks of refined nickel stood at 16,000 mt as of June 24, up 400 mt from last Friday, with nickel cathode taking up all the increase.
Some forward cargoes of nickel cathode entered the bonded warehouses this week, and some imports directly entered the domestic social warehouses without flowing into the bonded area.
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