Nickel yesterday traded with the positive node and settled 0.24% up at 1045.4. Some pressure had been seen from the LME stock also which came up by 1176mt, the total stock at LME is now at 122208mt. In yesterday's trading session nickel has touched the low of 1028.9 after opening at 1042.3, and finally settled at 1045.4. For today's session market is looking to take support at 1033.9, a break below could see a test of 1022.3 and where as resistance is now likely to be seen at 1052, a move above could see prices testing 1058.5. Spread between nickel SEP & OCT contracts yesterday ended at 8.20. Spread yesterday traded in the range of 6.80 - 9.1.

Trading Ideas:

Nickel trading range is 1022.3-1058.5.

Nickel yesterday traded with the positive node and settled 0.24% up at 1045.4

Nickel is having resistance at 1052 and support at 1033.9 level.

Spread between nickel SEP & OCT contacts yesterday ended at 8.20.