Nickel extends gains, rises near $20,000/ton barrier

Nickel prices rose on Friday, as the US dollar rose against most major currencies, thanks to the strong global demand for metals and supply shortage.

Commodities and metals rise led to an increase in inflation in several economies, which led their central banks to hint at reducing the pandemic's quantitative easing programs and asset-buying.

Palladium, nickel and platinum have link with the auto industry, and the latter is suffering from a shortage of electronic chips, but optimism is growing in the industry, after many companies started to work on the shortage of chips.

The dollar index held against a basket of major currencies at 93.9 points as of 13:41 GMT, after hitting a high of 94.07 points and a low of 93.8 points.

Nickel spot prices rose 2.4% to $19,689.6 per ton as of 13:54 GMT.