Nickel on MCX settled up 0.36% at 667 as some buyers hunted bargains amid hopes for an infrastructure boost in the U. S. Overall base metals complex gained as the dollar struggled amid concerns of U. S. protectionism under the newly-formed administration of President Donald Trump. Trump formally withdrew the United States from the Trans-Pacific Partnership on Monday, saying he would seek one-on-one trade deals with countries that would allow Washington to quickly terminate them "if somebody misbehaves". Base metals metal is also benefiting from hope that Mr. Trump will fulfill those promises -- which could boost the demand for the metal -- even as the new president's protectionist rhetoric has stoked concerns about new barriers to global trade, pushing the U. S. dollar down to two-month lows on Monday. Meanwhile, the physical market is fairly quiet while China is away on holiday ahead of the Chinese New Year later this week. Price outlook remain weak for Nickel as there were concerns that as Indonesia relaxed its export ban the market would be flooded with new supplies, depressing nickel prices. In the week ahead, Trump's policy plans in his first days in office are likely to dominate headlines along with fourth quarter growth from the U. S. on Friday and from the U. K. a day earlier. Technically market is under fresh buying as market has witnessed gain in open interest by 0.13% to settled at 22096 while prices up 2.4 rupee, now Nickel is getting support at 661.7 and below same could see a test of 656.3 level, And resistance is now likely to be seen at 671.4, a move above could see prices testing 675.7.

Trading Ideas:

# Nickel trading range for the day is 656.3-675.7.

# Nickel gained as some buyers hunted bargains amid hopes for an infrastructure boost in the U. S.

# Recent Indonesian and Filipino nickel supply news reinforce our view that nickel will be the base metals underperformer in 2017.

# Meanwhile, the Lunar New Year holiday, starting Jan. 27, is expected to subdue metals demand this month as Chinese factories close, sometimes for two to three weeks.