Shanghai nickel inventories continue to rise, hitting over three-year high again

Data released by the London Metal Exchange (LME) showed that overall nickel inventories rose last week, reaching a new high of 77,844 tons on March 22, the highest level in over two years. However, inventories decreased this week, with the latest level at 77,076 tons. According to data released by the Shanghai Futures Exchange (SHFE), nickel inventories continued to increase in the week ending March 22, marking the eighth consecutive week of growth. Weekly inventories rose by 2.66% to 20,713 tons, hitting a new high of over three years.

Note: Generally, continuous decrease in inventories on domestic and foreign exchanges will provide support for futures prices, while the opposite may have a bearish impact on futures prices.