SHANGHAI, Mar. 11 (SMM) -- Yesterday, LME nickel three month contract price closed at USD 21,450/mt, down USD 870/mt, setting a new low from October 2008, and the sharp decline depressed market sentiment. CRB index closed at 274.62 points, down 0.17 points or 0.06%. US dollar index fell in New York foreign exchange market and investors' risk appetite warmed up, which further support nonferrous market that has high returns but also has higher risk as well.
US wholesale inventories in January unexpectedly fell by 0.2%, which is mainly attributed to significantly increased demand. It was previously expected that wholesale inventories in January will increase by 0.2%. According to the wholesales report, revenue of US wholesales in January rose by 1.3% to USD 346.7 billion, lower than previous expectation and weighing on metal market.
It is expected that nickel prices will fall from high levels recently.
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