Nickel yesterday traded with the negative node and settled -1.37% down at 1076.9, LME nickel prices fell to test USD 23,700/mt Trading volumes were thin before the Charismas eve, and nickel fundamentals were poor at present. China's imports of nickel ore hit new high, up by 81.84% YoY and up by
13.86% MoM, indicating increased capacity of NPI. In addition, exports of China's stainless steel are also increasing, weighing on nickel prices. Funds may flow into other market but avoid entering nickel market during the pre-holiday or post-holiday period. In yesterday's trading session nickel has touched the low of 1070.5 after opening at 1087.5, and finally settled at 1076.9. For today's session market is looking to take support at 1069.

Nickel trading range is 1061-1095.8.

Nickel settled lower and LME nickel prices fell to test USD 23,700/mt

Nickel is having resistance at 1086.80 and support at 1068.20 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 9.80 - 11.9.

SELL NICKEL DEC @ 1090-1095 SL ABV 1105 TGT 1082-1070-1062.MCX