LME cancelled warrants are still high, withdrawals from LME warehouses are seemingly relentless and premiums remain elevated. With stainless steel mills still the main source of demand for LME-warranted metal, interest remains focused on their favoured briquettes and cut cathodes, which are in very short supply. Full plate cathodes make up 95% of the 125,508 tonnes of nickel on warrant, and we understand that the shortage of preferred nickel product types is being exacerbated by bottlenecks at cutting facilities.
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