Nickel rallies over 4% due to concerns about Chinese economy

Nickel prices rose on Wednesday as the dollar lost ground against most major rivals amid concerns about Chinese economy. 

Many protests erupted across Chinese cities as authorities impose new restrictions in Covid 19 hot spots.

Health authorities reported tens of thousands of new infections in China, leading to renewed shutdowns in multiple cities including Shanghai.

China is the world's largest importer and consumer of industrial metals and commodities, and due to restrictions, its economy is expected to suffer.

Markets are analysing latest statements by Fed officials while still expecting a reduced rate hike by the Federal Reserve in December. 

Latest data showed the GDP grew 2.9% in the third quarter, beating estimates of 2.8%, and up from 2.6% in the preliminary reading, and after the economy contracted 0.6% in the second quarter. 

The dollar index fell 0.4% to 106.4 as of 14:24 GMT, with a session-high at 106.7, and a low at 106.2. 

Nickel spot prices rose 4.1% as of 14:35 GMT to $26.25 thousand a tone.