Nickel quickly clears path above $23 thousand a tonne

Nickel prices rose on Wednesday, handily continuing its surge above $23 thousand a tonne even as the dollar edged up as well.

Investors await the outcome of the US mid-term elections which could lead to a new division in Washington, with Republicans expected to thwart social spending plans for Democrats.

Traders also await major US inflation data tomorrow, expected to have slowed down slightly in October.

The Federal Reserve announced on Wednesday an interest rate hike of 75 basis points as expected. 

Nickel and many other minerals and commodities were recently hurt by continued strict Chinese restrictions on trade and movement as Covid 19 infections re-emerge. 

Goldman Sachs analysts expect China to continue imposing such harsh restrictions until the second quarter of 2023. 

The Dollar index rose 0.6% as of 14:54 GMT to 110.2, with a session-high at 110.3, and a low at 109.4. 

Nickel spot prices rallied 2.1%, or $483.5 to $23.4 thousand a tone.