Nickel yesterday traded with the negative node and settled -0.6% down at 1039.3 tracking weakness in LME prices. Some pressure had been seen from the LME stock also which came up by 486mt, the total stock at LME is now at 127254mt. In yesterday's trading session nickel has touched the low of 1030.1 after opening at 1047, and finally settled at 1039.3. For today's session market is looking to take support at 1029.8, a break below could see a test of 1020.4 and where as resistance is now likely to be seen at 1049, a move above could see prices testing 1058.8. Spread between nickel OCT & NOV contracts yesterday ended at 12.60. Spread yesterday traded in the range of 11.50 - 12.6.

Trading Ideas:

Nickel trading range is 1020.4-1058.8.

Nickel yesterday traded with the negative node tracking weakness in LME prices

Nickel is having resistance at 1049 and support at 1029.80 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 11.50 - 12.6.