Nickel yesterday traded with the positive node and settled 3.62% up at 893.9. Vale Inco, the Brazilian miner whose 3,000 unionized Sudbury workers have been on strike since July 13, 2009, made its first matte shipment from the Copper Cliff smelter on Feb. 4, 2010. The material is bound for the company's refinery in Clydach, Wales. Some support had been seen from the LME stock also which came down by -378mt, the total stock at LME is now at 165084mt. In yesterday's trading session nickel has touched the low of 859.4 after opening at 862, and finally settled at 893.9. For today's session market is looking to take support at 870.5, a break below could see a test of 847.2 and where as resistance is now likely to be seen at 906.1, a move above could see prices testing 918.4.

Trading Ideas:

Nickel trading range is 847.2-918.4.

Nickel yesterday jumped more than 3% on supply concern and industrial demand emerges.

Vale Inco, the Brazilian miner, made its first matte shipment from the Copper Cliff smelter on Feb. 4, 2010.

Nickel above 878 look to hold its support for resistance at 908 level.

WAIT FOR A DIP TILL 860 LEVEL TO BUY

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -378