Nickel yesterday traded with the negative node and settled -2.17% down at 1264.5 tracking LME nickel prices opened at USD 28,610/mt and closed at USD 27,775/mt, up by USD 50/mt from a day earlier, with the highest price at USD 28,610/mt and the lowest price at USD 27,130/mt. LME base metal performance was mixed on February 24. LME nickel prices recorded the largest decline by 4.1% to USD 27,775/mt. LME nickel prices fluctuated lower during the Asian trading hours and was near 30-day moving average. Later prices were boosted to certain extent from weaker US dollar, but overall losses in LME nickel prices were still considerable. LME nickel prices previously received support from the news that Vale shut furnace at one of its smelters, but the support began to wane and LME nickel prices fluctuated, triggering further correction. For today's session market is looking to take support at 1238.2, a break below could see a test of 1212 and where as resistance is now likely to be seen at 1291.2, a move above could see prices testing 1318.

Trading Ideas:

Nickel trading range is 1212-1318.

Nickel prices previously received support from the news that Vale shut furnace at one of its smelters

Nickel looks to take support at 1250 and resistance is at 1278 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 2.50 - 8.4.

YESTERDAY LME STOCK FOR NICKEL CAME UP  BY 444