SLVO - Industrial Metals Monthly: Nickel's Price Plunge Shutters Mines
2024-02-15 08:30:00 ET
Summary
- Our monthly report looks at the performance of iron ore, copper, aluminium and other industrial metals.
- In this month’s edition, we take a closer look at nickel and the recent mine supply curtailments.
- Nickel was the worst performer on the LME last year, with prices falling 47%. 2023 was the second worst year for price growth after 2008.
By Ewa Manthey
Industrial metals have a disappointing start to 2024
Industrial metals have had a disappointing start to the year so far. China's macro backdrop remains challenging. At the same time, metals continue to be pressured by elevated interest rates and a strong dollar despite expectations that key central banks will pivot to monetary easing this year. Our US economist expects the Fed to start cutting rates in May, which should boost industrial metals prices. But if US rates stay higher for longer, this would lead to a stronger US dollar and weaker investor sentiment, which in turn, would translate to lower metals prices....
Industrial Metals Monthly: Nickel's Price Plunge Shutters Mines