Nickel traded in the range and settled marginally up by +0.1% up at 901.90 as uncertainty the US Federal Reserve would launch more stimulus measures soured market sentiment, with prices in tight ranges on caution before China's GDP data. China will release its GDP figures on Friday, which are expected to be the weakest since the three months to March 2009 during the global financial crisis but may raise chances of Beijing further easing its monetary policy. LME nickel prices overnight opened at USD 16,072/mt, with the high end USD 16,290/mt, finding support at USD 16,050/mt. Finally, LME nickel prices closed at USD 16,165/mt, up USD 88/mt. Meanwhile German's CPI released yesterday was in line with market expectations, and slowly falling CPI did not allow German to expand easing policies. LME nickel prices fell slightly to test USD 16,000/mt level. The market was still as the US Federal Reserve did not reported QE3 implementation, and with dip-buying, LME nickel prices rebounded slightly and closed at USD 16,165/mt, up USD 88/mt. LME base metals prices overnight rose slightly as risk appetite grew since Spain released its budget for the following two years totaling EUR 65 billion. For today's session market is looking to take support at 895.4, a break below could see a test of 888.9 and where as resistance is now likely to be seen at 908.2, a move above could see prices testing 914.5.
Nickel trading range for the day is 888.9-915.
Nickel gained slightly as after Spain released its budget for following two years totaling EUR 65 billion.
US Fed announced minute for June, showing many FOMC members believe further stimulus policies should be took by Fed.
German's CPI was in line of expectations, and slowly falling CPI did not allow German to expand easing policies.