LME nickel prices surge on Nov 28 due to weakened US dollar
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Update time : 2023-11-29 19:05:02
The LME nickel futures surged by US$687 yesterday (November 28), closing at US$16,766/ton. The spot price increased by US$696, reaching US$15,539/ton.
At the same time, the LME-monitored nickel inventory kept flat at 44,874 tons. The cumulative decrease this month has reached 24 tons.
Market participants expected that the Fed interest rate hike had already been completed, resulting in a continuous drop in the US dollar, which hit a new low in more than three months, so nickel prices were driven to rebound. Besides, downstream buyers’ increased willingness to purchase at low prices has also boosted nickel prices. It was expected that the short-term nickel price would be volatile and strong.
