Nickel climbs as dollar loses ground while markets assess Chinese data

Economies.com
2023-12-06 15:29PM UTC

Nickel prices rose on Wednesday as the dollar loses ground against major rivals while markets assess the impact of Chinese data.

 

Recently, an agreement was reached between global mine workers and Chinese refineries to cut down the fees of processing and refining copper in 2024. 

 

Such developments could underpin copper prices, as China remains the world's largest copper consumer.

 

Copper recently hit a four-month high at $8640 a tonne amid concerns about supply disruptions in Panama, before falling to a two-week trough at $8313 after Moody's warned of downgrading the credit rating of China. 

 

Separately, the US economy grew at a brisk 5.2% in the third quarter, the best rate since the last quarter of 2021. 

 

At the London Metals Exchange, aluminium fell 0.2% to $2156 a tonne, while nickel rose 2.2% to $16,490, while tin rose 1.8% to $24415. 

 

Lead fell 0.5% to $2042 to near June 8 lows as daily inventories grow at the London Exchange. 

 

Otherwise, the dollar index fell 0.1% as of 15:14 GMT to 103.9, with a session-high at 104.1, and a low at 103.8. 

 

On trading, nickel spot futures rose 0.6% to $16.5 thousand a tonne in American trade. 

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