LME nickel price rebounds to nearly $16,900 level on Fed interest rate cuts expectation
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Update time : 2023-12-22 15:25:48
The LME nickel futures rose by US$34 yesterday (December 21), closing at US$16,888/ton. The spot price increased by US$37.5, reaching US$16,658.5/ton.
The nickel price has risen by a total of US$385 in the past three days. The increase has reached US$253 so far this month, a hike of 1.5%.
At the same time, the LME-monitored nickel inventory fell by 48 tons, coming to 53,676 tons. The cumulative increase this month has totaled 7,338 tons.
The US dollar weakened, and the US revised down the gross domestic product (GDP) from the previously reported 5.2% to 4.9% for the third quarter, strengthening the market's expectations of Fed interest rate cuts. Hence, the nickel price rose slightly at a stable pace.
However, there is still a possible increase in refined nickel stocks. With an oversupply market and weak demand, the fundamentals of the nickel price remain weak.
