Nickel yesterday traded with the positive node and settled 0.95% up at 976.8 tracking LME nickel prices opened at USD 19,690/mt and closed at USD 19,690/mt overnight, up USD 1.15%/mt from a day earlier, with the highest price at USD 19,935/mt and the lowest price at USD 19,362/mt. China’s official PMI for February was 51, which was positive and pushed base metal prices higher overnight. During Thursday’s spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 137,800-138,500/mt, and mainstream traded prices of nickel from Russia were between RMB 137,700-138,000/mt during morning trading hours. As LME nickel prices advanced during the afternoon trading hours, traders’ reluctance to move goods grew, resulting in reduced trading volumes. Moderate manufacture growth in China and coupled with the news that eurozone will provide financial support to Greece through debt swap. In yesterday's trading session nickel has touched the low of 966.2 after opening at 967, and finally settled at 976.8. For today's session market is looking to take support at 966.3, a break below could see a test of 955.7 and where as resistance is now likely to be seen at 987.3, a move above could see prices testing 997.7.

Trading Ideas:

Nickel trading range for the day is 955.73-998.

Nickel settled 0.95% up as better than forecast US jobless claims data supported prices

China’s moderate manufacturing expansion boosts investor confidence.

China’s official PMI for February was 51, which was positive and pushed base metal prices higher overnight