SunSirs: The Morning Post of Nickel on June 14th

https://www.chemnet.com   Jun 14,2024 SunSirs

Due to the strength of the US dollar and concerns among investors about the impact of the Federal Reserve's delayed interest rate cut, the London metal market fell again overnight, and nickel prices failed to continue the previous day's rise and closed down again. The three-month nickel futures in London fell by around 2.3% in intraday trading and closed at 17,650 US dollars per ton.

The previously released Consumer Price Index (CPI) data in the United States showed a slowdown in inflation, boosting market expectations for the Federal Reserve's interest rate cut and boosting market sentiment. But after the closing of the London Metal Exchange, the Federal Reserve issued a policy statement, hinting that it will only cut interest rates once this year. At the same time, the rise of the US dollar led to the base metals priced in the US dollar being more expensive for buyers holding other currencies, once again suppressing the trend of metal prices.

In the domestic futures market, Shanghai nickel opened low and fell during the night session, while the intraday decline continued to expand. The final quotation was 136,880 RMB/ton, a decrease of 1,950 RMB/ton or 1.40%.

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