Nickel settled 0.94% up at 942.10 despite of traders remained fixated on concerns over Greece's debt woes and the fiscal outlook in the US On the macroeconomic front, the US financial cliff released positive signals. The US President and House Speaker both expected optimism over negotiation over the debt deal. t the tail of the European trading hours, the US beige book report revealed cautious optimistic expiation over the US economy, which failed to ease market concern. With regard to macroeconomic data, the US new home sales for October fell on a monthly basis from 389K to 368K. It is expected that base metal prices are unlikely to advance sharply since uncertainties over the US financial cliff remain. Investors continued to eye negotiations on the budget talks in the US Wednesday, as the US Congress needs to reach a compromise to avert $ 600 billion in tax hikes and spending cuts due to start in January. The so-called fiscal cliff could hurt the world's largest economy. Besides, the Fed released Biege Book stating that the US economy expands at a measured pace in recent weeks, as consumer demand and housing market grew but were still negatively impacted by a slowing manufacturing industry as well as the storm Sandy. Contacts in many of the Fed's districts expressed concerns and uncertainty about the federal budget, especially the fiscal cliff. For today's session market is looking to take support at 934.5, a break below could see a test of 926.8 and where as resistance is now likely to be seen at 949.6, a move above could see prices testing 957.

Trading Ideas:

Nickel trading range for the day is 926.83-957.

Nickel prices ended with 0.94% gains advancing against decline in other base metals.

As a deal was reached on Greece's problem, US fiscal cliff issue took center stage again, which is reportedly unproductive

S&P's and Moody's already slashed French credit rating hence, investors should be cautious.