Nickel rallies 3% and approaches $17 thousand
2024-04-03 16:14PM UTC

Nickel prices rallied on Wednesday as the dollar lost ground against most major rivals, while analysts assess the state of supplies.


A delay in the release of smelters data stoked concerns of tightened supplies, which underpinned prices in recent months. 


Nickel is mainly used in stainless steel production and EV batteries, and has long suffered from an oversupply status, but officials at Vale expect the market to swing to deficits by 2028. 


Fed Chair Jerome Powell said in a San Francisco conference that policymakers shouldn’t rush into interest rate cuts, especially as the US economic performance proves resilient, while inflation remains above 2%.


San Francisco Fed President Mary Dale, and Cleveland Fed President Loretta Mister, both said that the Fed will likely cut interest rates three times this year.


Later this week, the US government will report the crucial payrolls report for March. 


Otherwise, the dollar index fell 0.5% to 104.3 as of 16:00 GMT, with a session-high at 104.8, and a low at 104.2.


On trading, nickel spot prices rose 2.7% as of 16:12 GMT to $16.9 thousand a tonne. 

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