Nickel Declines on Demand Concerns

Bloomberg reported that nickel prices recorded losses today on concerns related to the strength of the U.S. dollar and weaker demand for commodity investments. Three-month nickel lost 0.3 percent to $17,859 a metric ton by 1:17 p.m. on the London Metal Exchange.

As quoted in the publication:

An index of the six main metals traded on the LME is set for a sixth drop in eight weeks this week, while the dollar is poised for a fifth straight weekly climb against a 10-currency basket. A private gauge of manufacturing in China, the biggest metals user, will come in next week at the line dividing growth and contraction, economists said in a Bloomberg News survey.

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