There is a clear seasonality in LME nickel stock trends. Typically, the latter part of the year is when stocks rise, and often quite substantially. This is because of the cyclicity of stainless steel market and the timing of exports from Russia. During the last two decades LME stocks have declined in the final quarter on only four occasions, and during the last five years the average increase throughout the final quarter has been 19,800 tonnes.
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