Nickel yesterday traded with the positive node and settled 0.29% up at 1040 tracking firm trend in copper and other base metals at the LME and accelerated manufacturing in China. Some pressure had been seen from the LME stock also which came up by 984mt, the total stock at LME is now at 129144mt. In yesterday's trading session nickel has touched the low of 1035.4 after opening at 1039, and finally settled at 1040. For today's session market is looking to take support at 1033.5, a break below could see a test of 1027 and where as resistance is now likely to be seen at 1048.4, a move above could see prices testing 1056.8. Spread between nickel NOV & DEC contracts yesterday ended at 10.30. Spread yesterday traded in the range of 9.90 - 10.4.

Trading Ideas:

Nickel trading range is 1027-1056.8.

Nickel yesterday traded with the positive node tracking firm trend in base metals at LME

Nickel is having resistance at 1048.40 and support at 1033.50 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.90-10.40.