Nickel yesterday traded with the negative node and settled -1.86% down at 1295.5 tracking LME nickel prices which opened at USD 29,250/mt and closed at USD 28,450/mt, down by USD 950/mt from a day earlier, with the highest price at USD 29,300/mt and the lowest price at USD 28,450/mt. Daily trading volumes were 2,978 lots and positions were 100,160 lots. LME nickel inventories were up by 498/mt to 129,720 mt. LME base metal prices slumped on February 22nd, as tension in Libya led to oil price hike. Market concerned that turbulence in Libya may disturb global economic recovery pace, thus may investors stood at the sideline and adopted a wait-and-see attitude. LME nickel prices slumped along with other base metals after brief rally in the morning trading session, with prices down by 3.23%.For today's session market is looking to take support at 1285, a break below could see a test of 1274.5 and where as resistance is now likely to be seen at 1312, a move above could see prices testing 1328.5.

Trading Ideas:

Nickel trading range is 1274.5-1328.5.

Global nickel market in 3,000-ton surplus in 2010 - WBMS

Nickel looks to take support at 1282 and resistance is at 1310 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 2.00 - 6.

YESTERDAY LME STOCK FOR NICKEL CAME UP  BY 498