Nickel edges up as dollar tumbles
2024-05-15 15:57PM UTC

Nickel prices rose on Wednesday as the dollar slid against major rivals following major US inflation data. 


US consumer prices rose 3.4% y/y in April, down from 3.5% in March.


Core prices rose 3.6% y/y in April, down from 3.8% in March, marking the lowest rate since April 2021. 


On a monthly basis, consumer prices rose 0.3% in April, down from 0.4% in March. 


This a huge decline from the peak of 9.1% scaled in June 2022. 


Fed Chair Jerome Powell said he expects US inflation to decline in upcoming months, which was taken as a sign of impending policy easing. 


However, Powell cautioned he’s still not completely confident about the estimates, although he did rule out another rate cut given the recent data. 


Nickel and other industrial metals witnessed gains in prices as the west continues to impose new sanctions on Russia, a major producer of nickel in addition to copper and aluminum. 


As of March, 91% of aluminum inside The London Metals Exchange inventories came from Russia, with 36% of nickel there, and 62% of copper also from Russia. 


Otherwise, the dollar index fell 0.6% as of 16:44 GMT to 104.4, with a session-high at 105.06, and a low at 104.3. 


On trading, nickel spot prices rose 0.2% to $18.9 thousand a tonne as of 16:55 GMT. 

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