| Russian metal producer Norilsk Nickel said Monday it expects high LME nickel inventories to be at a 'turning point' with a likely decrease in the near term. "We believe the stocks are going to come down and that this is going to drive the prices," Norilsk Nickel First Deputy CEO Sergey Dyachenko said in an interview with Platts Monday.
LME nickel stocks have grown significantly over the last year, hitting record high levels above 435,000 mt. According to exchange data out Monday, global LME warehouse nickel inventories currently stand at 443,622 mt. Norilsk Nickel said that around 40% of the increase was a result of the relocation of metal from Chinese bonded warehouses...............................................Full Article: Source
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