Nickel yesterday traded with the positive node and settled 0.47% up at 1055.4. Some support had been seen from the LME stock also which came up by -102mt, the total stock at LME is now at 122556mt. In yesterday's trading session nickel has touched the low of 1045 after opening at 1048, and finally settled at 1055.4. For today's session market is looking to take support at 1047.3, a break below could see a test of 1039.1 and where as resistance is now likely to be seen at 1061.3, a move above could see prices testing 1067.1. Spread between nickel OCT & NOV contracts yesterday ended at 7.30. Spread yesterday traded in the range of 6.50 - 7.3.

Trading Ideas:

Nickel trading range is 1039.1-1067.1.

Nickel yesterday traded with the positive node and settled 0.47% up at 1055.4

Nickel is having resistance at 1061.3 and support at 1047.3 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 6.50 - 7.3.