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Stainless Espresso: Nickel with profit taking before Fed meeting
Stainless Espresso: Nickel with profit taking before Fed meeting

25. January 2022 – After speculative profit taking (e.g. for nickel) before the Fed meeting on Wednesday the markets have corrected a little, important indices have already closed positively yesterday. Also, nickel prices are still above the level of a week ago, despite corrections. Aluminum also shows completely unimpressed and continues to rise. And Asian stainless steel prices are firm and strong.

Nickel with profit taking, prices still at a high level

After nickel climbed to its highest level since 2011 last week due to supply shortages, speculative profit-taking before the Federal Reserve meeting on Wednesday corrected prices slightly. Compared to a week ago, nickel prices are up about 1,5% (Comparison LME Nickel Closing prices graph 18.01. vs. 24.01.) on the LME and about 6.35% on the SHFE (Comparison SHFE Nickel Contract 2202 18.01. vs. 24.01.).

Aluminum still in an upward trend

Aluminum, in particular, shows itself unimpressed by possible interest rate hikes and continues its upward trend at the start of trading on the LME.

Asian stainless steel prices firm and strong

Asian stainless steel prices, which had already picked up in recent weeks, continue to set on solid ground and continue to trend higher. No wonder, important raw materials, especially nickel, continue to be in short supply. For deliverable nickel in the SHFE warehouses it went down in the past week by almost 18%.

US stock indices close in the plus

After it went down for the German DAX yesterday, the US indices Dow Jones, S&P 500 and Nasdaq closed in the plus. At the start of trading today, the DAX also started with gains. Overall, a good start to the day.

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