The dollar index continued to crumble further; it is now down 13% since the turn of the year and hit a low of 88.43 today.
“For the time being, it seems that commodity markets want to push higher, with a weaker dollar being a formidable tailwind,” Ed Meir, INTL FCStone analyst, said.
“It remains to be seen whether tomorrow's fourth-quarter US GDP number will do anything to change the bearish mindset currently prevailing. If we get an upside surprise in the GDP figure, we could see a round of dollar short covering, followed by overdue profit-taking in a number of commodity complexes,” he added.
The three-month nickel price remains the strongest metal of the complex after a rally of 5% on Wednesday – it closed up a further...