Nickel yesterday traded with the negative node and settled -0.06% down at 1304.7 as mark with LME nickel prices which opened at USD 28,705/mt and closed at USD 28,730/mt, up by USD 30/mt from a day earlier, with the highest price at USD 28,850/mt and the lowest price at USD 28,450/mt. LME nickel prices fluctuated widely around USD 28,700/mt on Wednesday and closed with slight gains from significant decline of the US dollar which closed at 78.191. However, investors' risk appetite waned amid inflationary pressure from China and other emerging economies and from market concern that rising costs of food may curb significant growth of Chinese economy. Growth of base metal prices slowed down. For today's session market is looking to take support at 1295.1, a break below could see a test of 1285.5 and where as resistance is now likely to be seen at 1312.6, a move above could see prices testing 1320.5.

Trading Ideas:

Nickel trading range is 1285.5-1320.5.

US Dec nickel exports +12.4% from Nov, -67.8% from yr ago

Nickel looks to take support at 1290 and resistance is at 1316 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.40 - 5.2.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -150