Nickel prices were expected to soar further this year due to tight supply and rapidly rising demand. Nickel yesterday traded with the negative node and settled -0.25% down at 1224.4. Some support had been seen from the LME stock also which came down by -888mt, the total stock at LME is now at 134298mt.

In yesterday's trading session nickel has touched the low of 1222.3 after opening at 1225.2, and finally settled at 1224.4. For today's session market is looking to take support at 1221.7, a break below could see a test of 1219 and where as resistance is now likely to be seen at 1227.7, a move above could see prices testing 1231.

Trading Ideas: Nickel trading range is 1219-1231. Nickel prices were expected to soar further this year due to tight supply Nickel looks to take support at 1210 and resistance is at 1235 level Spread between nickel JAN & FEB contracts yesterday traded in the range of 6.10 - 9.8.