Strengthening greenback puts downward pressure on Nickel

Nickel Investing News reports nickel futures in London traded 5% lower making it more expensive for holders of other cuurencies.

Nickel dropped by 4.7 per cent to US$19,300 a tonne, it’s lowest since August 20, 2008. LME inventories rose 1,206 tonnes to a four-month high of 48,228 tonnes and the metal is down by 24 per cent this year as demand from stainless steel producers, who account for two thirds of global nickel consumption, has fallen short of expectations.

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