Nickel yesterday traded with the positive node and settled 2.05% up at 1312.70 tracking LME nickel prices opened at USD 28,200/mt and closed at USD 29,050/mt, up by USD 785/mt from a day earlier, with the highest price at USD 29,050/mt and the lowest price at USD 28,018/mt. LME base metal prices continued rebounding and base metals prices rallied across the board on Monday, as improved economic outlook boosted investors' confidence and because fund buying at the month-end lent certain support.LME nickel prices were on upward track and closed near significant mark of USD 29,000/mt. The US dollar index slipped to 3.5-month low, and may slip further, due to expectation that the Federal Reserve Ben Bernake will continue to support economic stimulus policy. In yesterday's trading session nickel has touched the low of 1271.5 after opening at 1283.7, and finally settled at 1294. For today's session market is looking to take support at 1275.9, a break below could see a test of 1257.7 and where as resistance is now likely to be seen at 1307.8, a move above could see prices testing 1321.5.

Trading Ideas:

Nickel trading range is 1262.8-1339.4.

Nickel yesterday ended higher tracking LME nickel prices

Nickel looks to take support at 1300 and resistance is at 1325 level

Spread between nickel MAR & APR contracts yesterday traded in the range of 4.30 - 5.9.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -342