Nickel yesterday traded with the negative node and settled -0.5% down at 1190.7 as pressure from other metal created pressure on nickel also but still supply concern is supporting nickel price which has provided upward momentum to spot nickel prices in Shanghai market also. Mainstream traded prices of nickel from Jinchuan Group were between RMB 201,500-202,000/mt, with brisk trading sentiment reported. In yesterday's trading session nickel has touched the low of 1188.4 after opening at 1199, and finally settled at 1190.7. For today's session market is looking to take support at 1183.5, a break below could see a test of 1176.2 and where as resistance is now likely to be seen at 1202.9, a move above could see prices testing 1215.

Trading Ideas:

Nickel trading range is 1176.2-1215.

Nickel yesterday traded with the negative node as pressure from other metal created pressure on nickel

Nickel looks to take support at 1178 and resistance is at 1200 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 6.80 - 8.1.