Nickel extends gains, shrugs off firm dollar

Nickel prices rose on Wednesday, thanks to renewed optimism about the global economic recovery, despite the US dollar's rebound.

Commodities and metals came under pressure recently as the Covid-19 virus 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.

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

But optimism increased in markets after the US Food and Drug Administration (FDA) has given full approval for the Pfizer-BioNTech Covid-19 vaccine.

The dollar index rose against a basket of major currencies by 0.2% to 93.07 points as of 13:40 GMT, after hitting a high of 93.1 points and a low of 92.8 points.

Nickel spot prices rose 1.6% to $19,208 per tonne, as of 13:52 GMT.