According to historical statistics, the correlation between nickel and dollar index is -0.582. As international commodities are denominated in US dollars, the US dollar is one of the most important safe-haven currencies. In the economic recession, investors are more inclined to sell their risky assets and buy safe-haven varieties. On the contrary, in prosperous times, investors will reduce their holdings of safe-haven varieties and buy risky assets instead, which will push up the prices of commodities such as nickel. The dollar index is one of the important factors affecting spot nickel, showing a high negative correlation.

Correlation between spot nickel trend and copper, zinc and other metals

Nickel and copper, aluminum and zinc are all basic metals, and there is a high correlation between them. The correlation coefficients of nickel and copper are 0.826, nickel and aluminum are 0.766, and nickel and zinc are 0.84 1, showing high consistency. Therefore, the commodity price index has important reference significance for the trend of nickel, and investors can refer to the trend of spot copper, spot aluminum and spot zinc when analyzing the trend of spot nickel.