Nickle prices tumble over 7%

Nickel prices slumped on Thursday as the dollar rallied against a basket of major rivals amid concerns about demand and the global economy. 

It comes after the Federal Reserve's meeting minutes yesterday, which showed Fed policymakers intend to carry on tightening policies to control inflation. 

Such aggressive policies by the Fed and other global central banks could lead to economic recession and weaker industrial demand. 

The dollar index rose 0.8% to 105.06 as of 15:08 GMT, with a session-high at 105.1, and a low at 103.9.

Nickel is used extensively in the steel industry and electric car batteries, with prices jumping over $100 thousand a tone following the Russian-Ukrainian war, but prices returned once more to near $30 thousand a tone. 

Spot nickel prices tumbled 7.8% to $27,442 a tone as of 15:09 GMT.