Nickel rallies 3% and approaches $17 thousand

Economies.com
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. 

Commodities News

Gold News

Commodities

Gold surpasses $2400 for first time ever
2024-04-16 20:03PM UTC
Gold prices rallied on Tuesday and scaled fresh record highs on strong haven demand, as global ...
Oil News

Commodities

Oil prices hover near two-week lows as markets expect little response from Israel to Iran's attacks
2024-04-16 13:17PM UTC
Global oil prices fell in American trade on Tuesday, approaching two-week lows as the US now ...
Gold News

Commodities

Will gold prices scale $3000 an ounce in 2024?
2024-04-16 11:59AM UTC
Gold prices continued to move in a positive zone and approached the record highs scaled last week ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 16-04-2024
2024-04-16 09:52AM UTC
Brent Oil Price Forecast Brent oil price finds solid resistance at 90.90$, to show negative ...
Oil Analysis

Commodities

Crude oil price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Crude Oil Price Forecast Crude oil price trades negatively to press on 85.45$ support line, ...
Silver Analysis

Commodities

Silver price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Silver Price Forecast Silver price faces clear negative pressure now, to approach the key ...