Nickel extends losses but remains near $20,000 a tone

Economies.com
2023-05-24 14:32PM UTC

Nickel prices declined on Wednesday as the dollar maintained strength against most major rivals while the US debt ceiling crisis progresses.

 

Debt Ceiling

 

White House and Congressional officials will meet later today to further negotiate after the failure of the previous talks to reach a compromise on raising the debt ceiling. 

 

US President Joe Biden will extend talks with Congressional leaders later this week in a race to a catastrophic default on debt next week. 

 

Many sticking points remain between both sides, with US Treasury Secretary Janet Yellen reiterating warnings from a potential default on payments next June, which would threaten the credit rating for the US and tip the economy into recession. 

 

Fed Meeting

 

Investors additionally await the Federal Reserve's meeting minutes later today to better gauge the path forward for monetary policy in the US.

 

Otherwise, the dollar index rose 0.2% as of 15:19 GMT to 103.7, with a session-high at 103.7, and a low at 103.3. 

 

Dollar's strength is weighing on most commodities and minerals and leading to a considerable decline.

 

Nickel spot prices tumbled 1.2% as of 15:30 GMT to $20.5 thousand a tone. 

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