Nickel Prices Soar 4.82% last Week amid Expected Rate Hike Pause

SHANGHAI, Mar 27 (SMM) - Last week, the US Fed's rate hike did not have a bullish effect on nickel prices, but the prices still ballooned 4.82%. In the early morning of March 23, the US Fed raised the benchmark rate by 25 basis points to 4.75%-5% as scheduled, which did not cast a bullish effect on nickel prices.  Last Friday, non-ferrous metals prices rose since the market believed that the Fed’s rate hike might end. On the supply side, pure nickel imports bore losses, further tightening the spot supply in China. The premiums were stable near the month-end. News of stainless steel mills’ production cuts and suspension were bearish on NPI prices. On the demand side, stainless steel prices fell following the futures prices. Transactions of 300-series stainless steel were relatively slack, and the prices continued to drop. Pure nickel demand did not improve last week, while the supply tightened on the falling prices, which offered firm support to nickel prices.