Nickel prices continued to fall for a year, affected by Indonesia's **surplus, other base metals** also fell simultaneously, and the market's expectations for the Fed's interest rate cut next month weakened.
Over the past year, nickel prices on the London Metal Exchange have nearly halved, leading to a shutdown of miners outside Indonesia. Federal Reserve Chair Jerome Powell said on Monday that policymakers may delay the decision to cut interest rates beyond March, further weighing on the market's risk appetite for copper and other industrial commodities.
Bloomberg analyst Alan Ray Reforo pointed out that as Indonesia's nickel volume continues to grow, the market is expected to remain in excess for the next decade, and nickel prices may continue to be under pressure. Despite the closure of coal mines outside Indonesia, these assets will not have an immediate significant impact on nickel prices as they account for less than 2% of global capacity.
As of 12:07 p.m. Beijing time, nickel prices on the London Metal Exchange edged down 04% at US$16,170 per tonne. Copper and aluminum** are also trending. And Singapore iron ore **14% to 127 per tonne$80, despite the fact that last week had a large **65%, the biggest drop since April.