LME’s nickel price increase on Dec 11, FED rate cut expectation unchanged
Time:Thu, 12 Dec 2024 10:13:58 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$143/ton and closed at US$15,858/ton on December 11. Meanwhile, the nickel spot price also grew by US$142/ton to US$15,622/ton. The nickel inventory at LME reversed to increase by 696 tons to 166,506 tons.
The market expects the FED to cut interest rates by 1% unchanged following the release of US inflation data in November, despite the fact that the US dollar is still strengthening and that nickel inventories have risen to a new high in over three years. This, along with the increase in China’s stainless steel futures, drove nickel prices. However, oversupply and low demand could still make the market unstable in the short term.
