Nickel yesterday traded with the negative node and settled -1.13% down at 1287.3 tracking LME nickel contract for delivery in three months opened at USD 28,800/mt and closed at USD 28,600/mt, down by USD 175/mt from a day earlier, with the highest price at USD 28,900/mt and the lowest price at USD 28,260/mt.
LME base metal prices largely ended with losses on Wednesday, as oil price hike and weak equity market weighed on base metal markets.
LME nickel prices largely moved stably during the Asian trading hours, but later slipped sharply to fluctuate below USD 28,600/mt, with prices closing with slight losses.
In yesterday's trading session nickel has touched the low of 1280.8 after opening at 1296.2, and finally settled at 1287.3.
For today's session market is looking to take support at 1280, a break below could see a test of 1272.7 and where as resistance is now likely to be seen at 1295.4, a move above could see prices testing 1303.5.
Trading Ideas:
Nickel trading range is 1272.7-1303.5.
Nickel yesterday traded with the negative node and settled down tracking LME nickel prices
Nickel looks to take support at 1274 and resistance is at 1302 level
Spread between nickel MAR & APR contracts yesterday traded in the range of 3.80 - 5.8.
