Nickel ore inventories at China’s five major ports, namely Tianjin, Rizhao, Lanshan, Lianyungang, and Jingtang, totaled 14.79 million tons last week, down 120,000 tonnes from the previous level, as per the Shanghai Metals Market data.
There has been a significant divergence of performance within the precious metals complex over the past 18 months. On the one hand gold and silver prices have been trading lower while on the other PGM prices have been more robust, with palladium prices hitting their highest levels since February 2001, said Deutsche Bank in a snippet.
At Chinese ports, iron ore stock prices ticked lower again. Meanwhile, the most actively traded Chinese iron ore futures on DCE increased 0.16% while rebar futures lost 0.24% on SHFE in Shanghai.