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Nickel surges over 5% despite demand concerns

Economies.com
2022-11-23 15:28PM UTC

Nickel prices rose on Wednesday as the dollar declined against a basket of major rivals despite concerns about demand. 

 

It comes after the Chinese government announced plans to tighten Covid 19 restrictions even more as more infections spread.

 

Authorities also revealed last week the first two deaths from Covid 19 in over six months.

 

As restrictions mount in China, activities slow down and it impacts demand on metals.

 

China is the world's foremost importer of metals including nickel, therefore prices are impacted by economic events there.

 

Nickel is used extensively in steel manufacturing and electric batteries for cars. 

 

The dollar index fell 0.6% to 106.6 as of 15:16 GMT, with a session-high at 107.2, and a low at 106.3. 

 

Nickel spot futures rallied 5.2% to $25.7 thousand a tone as of 15:17 GMT.

US durable goods orders rise past estimates

Economies.com
2022-11-23 13:34PM UTC

US durable goods orders rose 1% in October, beating estimates of 0.4%, and up from 0.3% in the previous reading. 

 

Core orders, excluding transportation, rose 0.5%, beating estimates of no change, and improving on September's 0.9% decline. 

US unemployment claims rise past estimates

Economies.com
2022-11-23 13:32PM UTC

US unemployment claims rose to 240 thousand in the week ending November 19, missing estimates of 225 thousand, and up sharply from the previous reading's 223 thousand. 

Dollar extends losses ahead of Fed's minutes

Economies.com
2022-11-23 12:11PM UTC

Dollar fell in European trade on Wednesday against a basket of major rivals, extending losses for second day away from two-week highs on profit-taking. 

 

Such decline comes ahead of the Fed's latest meeting minutes, which will provide clues on the path forward for policies and interest rates. 

 

The Index

 

The dollar index fell 0.25% to 106.81, with a session-high at 107.22, after closing down 0.6% yesterday, the first loss in four days on profit-taking off two-week highs at 107.99.

 

Fed Minutes

 

As of 19:00 GMT, the Federal Reserve will release the minutes of the November 1-2 meeting, at which policy makers voted to increase interest rates by 75 basis points for the fourth time in a row to 4%, the highest since December 2007.

 

The Fed asserted back then the fight against inflation requires continuous increases in borrowing rates until consumer prices are brought under control.

 

Interest Rate Prospects

 

Markets now are pricing a 75% chance of a 0.5% rate hike in December, and a 25% chance of a 0.75% rate hike.

 

Naturally, a bullish spirit in the minutes will bolster the dollar's standing, however a bearish statement will sharpen its losses. 

Frequently asked questions

What is the price of Steel today?

The price of Steel is $852.00 (2025-07-15 19:24PM UTC)