Nickel yesterday traded with the negative node and settled -0.54% down at 1285.8 overall nickel from last 3-4 session getting pressure on higher that that is above 1300 level yesterday LME nickel prices opened at USD 28,320/mt and closed at USD 28,135/mt overnight, down by USD 265/mt from a day earlier, with the highest price at USD 28,600/mt and the lowest price at USD 27,801/mt. LME base metals largely ended with losses on Thursday, due to stronger US dollar and lack of buying from China. Close attention should be paid to imports and exports data and consumer confidence data from the US. Russia exported in 2010 240,400 tons of nickel, 1.8% less than in 2009, the federal customs service reported. In yesterday's trading session nickel has touched the low of 1275.1 after opening at 1294.2, and finally settled at 1285.8. For today's session market is looking to take support at 1274.3, a break below could see a test of 1262.7 and where as resistance is now likely to be seen at 1298.2, a move above could see prices testing 1310.5.

Trading Ideas:

Nickel trading range is 1262.7-1310.5.

Russia 2010 nickel exports 1.8% down on year at 240,400 tons

Nickel looks to take support at 1272 and resistance is at 1298 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 3.90 - 5.7.