Nickel yesterday traded with the negative node and settled -0.44% down at 1305.5 tracking LME nickel market which had opened at USD 28,730/mt during the Asian trading hours on February 15th, and extended upward momentum from lower-than-expected data from China. In the afternoon trading hours, LME slipped due to brief rally of the US dollar, with prices hitting the highest at USD 29,000/mt.

In the Shanghai nickel spot market, Jinchuan Group raised ex-works nickel prices to RMB 218,000/mt, boosting spot nickel prices. However, high prices slowed downstream purchases. Traders also told that transactions were relatively quiet in spot market. For today's session market is looking to take support at 1295, a break below could see a test of 1284.6 and where as resistance is now likely to be seen at 1319.6, a move above could see prices testing 1333.8.

Trading Ideas: Nickel trading range is 1284.6-1333.8. Nickel yesterday ended down tracking LME market Nickel looks to take support at 1290 and resistance is at 1318 level Spread between nickel FEB & MAR contracts yesterday traded in the range of 3.90 - 5.6. YESTERDAY LME STOCK FOR NICKEL CAME DOWN BY -174