9 September 2022 – Nickel futures in Asia jumped significantly today. In some cases by more than 8.5%. LME nickel also started trading with significant gains. Overall, base metals, not only in Asia, are up clearly today. What happened?
Asian nickel futures jump 8.5%
Base Metals make significant gains
At the same time, many base metals in Asia continued to rise today. In particular, aluminium (approx. +3%), copper (approx. 3.4%), iron ore (approx. +3.7%), coking coal (approx. +2.33%) and stainless steel (approx. +3%) futures are up significantly today.
ECB interest rate decision
Asian media see the significant price increases in the base metals as a reaction to the announced interest rate hike by the European Central Bank. The European Central Bank announced on Thursday that it would raise key interest rates in the Euro zone by 0.75 percentage points.
At the same time, Ukrainian reports of gains in terrain in southern and eastern Ukraine should provide for a more positive mood on the markets. Not only in the West, but also in China and other countries closely economically intertwined with the European Union and the United States.
- Stainless steel rebound continues to gain momentum
- Asian spot prices for stainless steel continue to rise
- Fire at major South Korean stainless steel mill
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.