Nickel prices extend gains as dollar drops
Nickel prices rose on Thursday as the dollar declined against most major rivals while trade tensions cooled, in turn boosting global demand on minerals.
The Washington Post reported that Russia and Ukraine will hold their first high-level talks since 2022 in Istanbul, under mounting western pressure to agree on a 30-day ceasefire as a step towards peace.
US State Secretary Marco Rubio is scheduled to join the talks to bolster the chances of a deal, while Ukrainian President Zelensky called for a summit meeting with Russian President Vladimir Putin.
Positive results from the talks would bolster investor confidence and risk appetite in the markets.
The US and China agreed on suspending most tariffs on each other for 90 days after negotiations in Switzerland, in a huge step towards relaxing trade tensions between the world’s top two countries.
According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.
US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.
Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.
Both sides vowed to carry on economic and trade negotiations in upcoming weeks.
Otherwise, the dollar index fell 0.3%% as of 15:22 GMT to 100.6, with a session-high at 101.06, and a low at 100.5.
On trading, nickel spot prices rose 0.9% as of 15:33 GMT to $15.6 a ton.
US retail sales slow down in April
US retail sales rose 0.1% in April, beating expectations of no change, but below March’s 1.4% increase.
Core sales, excluding transportation, rose 0.1%, below estimates of a 0.3% rise, while March’s reading was downgraded to show a 0.5% rise.