SHANGHAI, Mar. 4 (SMM) -- On March 3rd, LME three month nickel contract prices closed at USD 22,650/mt, up USD 360/mt. CRB index closed at 277.71 points, up 2.58. Creek government announced a series of measures to reduce budget and increase taxes, which is designed to reduce budget deficit by EURO 4.8 billion. The related measures include raising the value-added tax, levying heavier tobacco and fuel taxes, freezing pensions of retired public servants for one year, and cutting bonuses by 30% of workers that from public sectors.
Economic data from the US employment market and non-manufacturing sectors boosted commodity market. According to reports from US ADP Employer Services, the US civilian employment figure dropped by 20,000 in February, lower than economists' prediction of a drop of 50,000. According to data from the Institute for Supply Management, the expansion speed of non-manufacturing sectors was better than expectation.
LME nickel inventories declined by 744mt to 162,096mt on March 3rd. Stimulated by many favorable economic data, nickel prices are expected to remain strong performance.
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