FED’s interest rate cut expected to increase nickel price
Time:Thu, 19 Sep 2024 09:53:35 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$45/ton and closed at US$16,233/ton on September 18. Meanwhile, the nickel spot price also grew by US$45/ton to US$15,980.5/ton. Besides, the nickel inventory at LME kept flat at 123,726 tons.
The US Federal Reserve’s first interest rate cut since 2022, a half percentage point, is expected to boost demand and weaken the US dollar. Meanwhile, the stabilization of China’s stainless steel futures has contributed to a rise in nickel prices. However, the increase is being capped by weak demand in the nickel market, suggesting potential short-term market fluctuations.
