LME nickel futures rise as likelihood of FED cutting interest rates in September increases
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Update time : 2024-07-09 17:14:49
The London Metal Exchange (LME) nickel futures price increased by US$124/ton and closed at US$17,341/ton on July 5. Meanwhile, the nickel spot price also climbed by US$117.5/ton to US$17,082/ton. The nickel inventory at LME increased by 204 tons to 97,254 tons.
As the US labor market gradually cools, the likelihood of the Federal Reserve cutting interest rates in September increases. The weakening US dollar is driving up base metals and nickel prices. However, LME nickel inventories are rising, suggesting potential volatility in the short term.
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