Nickel climbs above $28 thousand on improving demand

Economies.com
6 days ago

Nickel prices rose on Wednesday as dollar fell against a basket of major rivals and amid expectations of improving global demand. 

 

It comes despite uncertainty about economic recession or a growth slowdown in the US and the global economy. 

 

Such outlook reflect investors' pessimism towards persistent inflationary pressures and subsequent policy tightening.  

 

However, some major international institutions like the IMF held on beliefs that the US economy might avoid a recession this year, 

 

Otherwise, the dollar index fell 0.1% to 101.8, with a session-high at 102.1, and a low at 101.7. 

 

Nickel is used extensively in the steel industry and by carmakers in electric batteries. 

 

Nickel spot prices rose 1% to $28.4 thousand a tones as of 15:10 GMT. 

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