LME nickel stocks con­tinue to rise

China Daily (Canada) - - BUSINESS -

Ris­ing Lon­donMe­tal Ex­change nickel stock­piles are the re­sult of in­ven­to­ries shift­ing out of stor­age in Aus­tralia and China, and don’t re­flect real sup­ply and de­mand, ac­cord­ing to Gold­man Sachs Group Inc. Stock­piles tracked by the LME rose 25 per­cent this year to a record 326,466 met­ric tons even with a ban on ore ex­ports from In­done­sia and ris­ing global de­mand. As much as 80,000 tons of the al­most 185,000-ton in­ven­tory in­crease since the start of 2013 is due to metal mov­ing from Aus­tralian stock­piles and out of Chi­nese bonded ware­houses fol­low­ing a probe into fraud at Qing­dao Port.

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