Nickel rises more than 2% as dollar dips

Nickel prices rose on Wednesday, thanks to continued optimism about the global economic recovery, while the US dollar fell against most of its peers.

The FDA has given last week full approval for the Pfizer-BioNTech Covid-19 vaccine.

It should be noted that Federal Reserve Chairman Jerome stated that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

Analysts expect a spike in demand for commodities and metals, including nickel, as it recently has attracted strong demand from the electric vehicle industry in addition to demand from the steel industry.

The dollar index fell against a basket of major currencies by 0.2% to 92.4 points as of 13:23 GMT, after hitting a high of 92.7 points and a low of 92.4 points.

Nickel spot prices rose 2.3% to $19,362.8 per tonne as of 13:34 GMT.