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Nickel hit a four-year low as a lackluster outlook from the Federal Reserve for next year outweighed the possibility of sharp mining cuts in Indonesia.
The Fed on Wednesday issued quarterly forecasts showing that several officials see fewer interest-rate cuts in 2025 than previously expected. That points to a stronger dollar and higher financing costs that could hurt commodities. The nation, one of the world’s dominant producers, is looking at lowering the amount of nickel ore allowed to be mined next year to 150 million tons, according to people familiar with the matter who asked not to be named as the deliberations are private. That would be a sharp drop from 272 million tons this year.
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