Nickel, which is used in stainless steel and for electric vehicle batteries, has risen about 11% this year after rising 25% in 2021 and 18% in 2020.
Stocks of nickel in LME-registered warehouses have fallen to 94,830 tonnes from more than 260,000 tonnes in April. Warehouse inventories at the Shanghai Futures Exchange, at 4,711 tonnes, are near record lows.
In other precious metals, palladium climbed 4.9%; platinum gained 4.8%; and silver advanced 3.1%.
Kyle Rodda, an analyst at IG Markets, said ongoing geopolitical considerations, including concerns around Ukraine and Russia, could be a push to buy gold for some, but “in the big picture, that issue is minor compared to Fed policy.
US Secretary of State Antony Blinken said on Wednesday that Russia could launch a new attack on Ukraine in “a very short time” but that Washington will continue diplomacy while it can, despite not being sure what Moscow wants. Really.
The The dollar’s decline made bullion cheaper for investors with other currencies, while the retreat in 10-year US Treasury yields from a two-year high also boosted demand for the metal..
Rising rates tend to reduce the attractiveness of bullion, which does not bear interest.
Source From: Ambito
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