FX.co ★ Nickel Extends Gains

Nickel hovered around $16,900 per tonne, extending the previous session’s gains in line with broad-based strength across industrial metals. Copper prices held near newly set record highs, underscoring the resilience of the industrial metals complex. Demand from the battery sector showed signs of recovery, with recycled nickel sulphate output rising nearly 6% month-on-month in August, supported by firmer ternary cathode precursor demand and a relatively high share of high-nickel products. However, elevated nickel inventories and muted stainless steel demand continued to limit upside potential, while growing expectations of further interest rate hikes weighed on dollar-denominated commodities.