Metals
Nickel stocks: As LME nickel stocks fall further, demand for physical delivery of the metal also grows with fears of short supply. LME nickel stocks declined by 7.4kt yesterday- the second biggest one-day withdrawal on record, and resulting in almost 32kt of nickel being withdrawn over the past week. Current LME nickel inventories stand at 126kt, which is a seven-year low, while another 75.4kt is earmarked for withdrawal in the coming days. Most of the withdrawals were seen in Asia, where Indonesia is a major supplier of the metal. Tsingshan Holding, a large stainless steel producer was reportedly taking delivery of the metal. Meanwhile, with SHFE nickel inventory standing at 22kt, it is marginally above this year’s lows of around 9kt; however, that is still significantly lower than the peaks of more than 112kt in 2016.
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