Nickel drops over 1% despite falling dollar

Nickel prices fell on Wednesday, despite the US dollar drop against its peers, amid focus on the latest updates regarding the pandemic.

The average daily Covid-19 infection rate has increased in many countries around the world, led by the US, which is now hit by a new wave of infections.

This comes as the new mutated Delta variant is spreading in many countries around the world, which foreshadows a slowdown in the global economic recovery and pausing the return of life to normal.

Otherwise, the US Senate yesterday passed the $1 trillion infrastructure spending bill as it was widely expected.

The dollar index fell against a basket of major currencies by 0.2% to 92.9 points as of 13:40 GMT, after hitting a high of 93.1 points and a low of 92.8 points.

Nickel spot prices fell 1.2% to $1,8981 per tonne as of 13:50 GMT.