China Nickel Depletion Fuels LME Stockpile Growth, Norilsk Says
Record nickel stockpiles monitored by the London Metal Exchange mask a balanced market as supplies were shifted out of China after a financing scandal, according to Norilsk Nickel, the world’s largest producer.
As much as 100,000 metric tons of the industrial metal may have been shipped to LME warehouses after banks tightened rules on loan collateral, according to Anton Berlin, head of strategic marketing at Norilsk. Lenders stopped accepting warrants from China after Qingdao port warehouses issued documents backed by more metal than they held.
Read more at: http://www.bloomberg.com/news/2014-10-12/china-nickel-depletion-fuels-lme-stockpile-growth-norilsk-says.html
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