Nickel drops nearly 3% on rising dollar

Nickel prices fell on Friday, as the US dollar rose against most currencies, and amid global demand concerns.

Many countries are facing a new wave of Covid-19 infections, which has forced most of them to re-impose lockdown restrictions and  would lead to weak demand for commodities.

This came after the mutated Delta variant emerged in some countries, which is characterized by its fast transition and an increased death rate.

The dollar index rose against a basket of major currencies by 0.1% to a 9-month high at 93.6 points as of 13:21 GMT, after hitting a high of 93.7 points and a low of 93.5 points.

As of 13:32 GMT, nickel spot prices fell 2.9% to $1,8472 per tonne.