Nickel inventories on the London Metal Exchange (LME) have surged past 93,000 tons, reaching their highest level in over two years. In contrast, the pure nickel inventory on the Shanghai Futures Exchange (SHFE) has decreased, showcasing divergent trends between LME and SHFE nickel stocks.

Recently, LME nickel inventory increased by 1,254 tons to 93,264 tons on June 26. This represents an 11.4% rise this month, marking a significant rebound from the 73,482-ton low recorded on April 18. Over two months, LME nickel inventory has surged by 27% or 19,782 tons.

Meanwhile, SHFE nickel inventory fell to 22,631 tons as of the week ending June 21, an 8.4% drop, hitting its lowest point in over two months.

Market participants attribute the LME inventory surge to abundant global nickel supply due to increased mining, expanded smelting capacity, and weak demand. Conversely, the decline in SHFE inventory indicates a tight supply in China, potentially driven by strong demand from the rapidly growing new energy vehicle industry.

Analysts suggest that while LME inventory increases pressure on investors, the SHFE inventory drop presents opportunities for the industrial chain, reflecting mixed trends and potential price fluctuations in the global nickel market.