Nickel prices fell on Wednesday as the dollar lost ground against most major rivals, reducing pressure on commodities and industrial metals.

Fed Chair Jerome Powell said in a Sunday interview that he expects only three Fed rate cuts this year, and he doesn’t expect a cut in March.

Minneapolis Fed Chair Neil Kashkari warned today from cutting rates too quickly, as current tight conditions haven’t yet impacted all aspects of the US economy sufficiently.

Investors expected six Fed rate cuts this year, and such optimistic forecasts sent US stocks sharply higher.

As for metals traders, they’re waiting for a batch of financial stimulus measures expected from China to boost economic performance and demand on nickel and other minerals.

Otherwise, the dollar index fell 0.1% as of 16:28 GMT to 104.1, with a session-high at 104.1, and a low at 103.9.

At the London’s Metal Exchange, zinc prices fell to nine-week lows at $2396 a tonne after data showed inventories surged by 9,900 tonnes.

A Reuters survey of analysts showed a likely surplus of 300 thousand tonnes of zinc in 2024.

Aluminum fell 0.1% to $2228 a tonne, while lead declined 0.3% to $2108.5, as tin rose 0.5% to $25,300, while nickel added 0.6% to $16,025.

Nickel spot prices fell 0.1% in American trade today as of 16:39 GMT to $15.592 thousand a tonne.