Nickel yesterday traded with the positive node and settled 1.53% up at 1070.3 due to firm trend in base metals at the LME as faster-than-expected manufacturing growth in China and increasing US consumer confidence boosted the outlook for the global economy. Some pressure had been seen from the LME stock also which came up by 936mt, the total stock at LME is now at 131802mt. In yesterday's trading session nickel has touched the low of 1052.1 after opening at 1053, and finally settled at 1070.3. For today's session market is looking to take support at 1056.4, a break below could see a test of 1042.5 and where as resistance is now likely to be seen at 1079.9, a move above could see prices testing 1089.5. Spread between nickel DEC & JAN contracts yesterday ended at 9.40. Spread yesterday traded in the range of 7.10 - 9.4.

Trading Ideas:

Nickel trading range is 1042.5-1089.5.

Nickel settled higher due to firm trend in base metals at the LME

Nickel is having resistance at 1079.90 and support at 1063.80 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 7.10 - 9.4.