Nickel yesterday traded with the positive node and settled 0.92% up at 1073.4 due to decline in the US dollar. Improved risk appetite in global financial markets significantly pushed prices higher. Germany's finance ministry said on Tuesday that talks between euro zone governments and private creditors over a second bailout package for Greece were going ahead in a "constructive" manner. The world's top nickel producer, Russia's Norilsk Nickel, said on Friday it restarted one of its idled Australian mines. It said in a statement it had launched its sulphide ore Maggie Hays mine at the Lake Johnston operation, which also produces nickel concentrate. LME nickel for delivery in three months opened at USD 23,850/mt and closed at USD 24,105/mt overnight, up by USD 335/mt from a day earlier, with the highest price at USD 24,290/mt and the lowest price at USD 23,820/mt. In yesterday's trading session nickel has touched the low of 1063.6 after opening at 1066.2, and finally settled at 1073.4. For today's session market is looking to take support at 1064.1, a break below could see a test of 1054.7 and where as resistance is now likely to be seen at 1082.3, a move above could see prices testing 1091.1.

Trading Ideas:

Nickel trading range is 1054.7-1091.1.

Nickel yesterday traded with the positive node due to decline in the US dollar

Russia's Norilsk Nickel restarts Australian mine

Nickel is having resistance at 1082.30 and support at 1064.10 level.