Jinchuan Group Co. has raised its refined nickel price by CNY3,000 ($450) to CNY183,000 a metric ton. Nickel yesterday traded with the positive node and settled 0.39% up at 1086.4. Some pressure had been seen from the LME stock also which came up by 396mt, the total stock at LME is now at 129126mt. In yesterday's trading session nickel has touched the low of 1082.1 after opening at 1083.4, and finally settled at 1086.4. For today's session market is looking to take support at 1083.2, a break below could see a test of 1080 and where as resistance is now likely to be seen at 1088.5, a move above could see prices testing 1090.6. Spread between nickel NOV & DEC contracts yesterday ended at 8.80.

Trading Ideas:

Nickel trading range is 1080-1090.6.

Jinchuan Group Co. has raised its refined nickel price

Nickel is having resistance at 1098.20 and support at 1073.2 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 8.80 - 9.4.