Nickel prices edge higher amid LME inventory decline & Fed's rate cut
Time:Thu, 19 Dec 2024 09:21:07 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$5/ton and closed at US$15,508/ton on December 18. Meanwhile, the nickel spot price also grew by US$4/ton to US$15,273/ton. The nickel inventory at LME reversed to decrease by 798 tons to 160,920 tons.
The US Federal Reserve met market expectations by reducing interest rates by 0.25% but signaled a slower pace for future rate cuts. At the same time, the US Dollar Index reached a two-year high. Meanwhile, nickel inventories on the LME declined for two consecutive days, resulting in a modest and steady rise in nickel prices. The market foresees potential short-term fluctuations.
