Nickel settled up 0.65% at 879.2 as the surprising plunge in the unemployment data was clarified to be caused by computer-related glitches, assuaging market concerns. Although Syrian situation relieved, the market is focused on the FOMC meeting to be held next week. The Eurozone July industrial output was reported significantly lower than forecast and June's level, and the US initial jobless claims dropped to their lowest since 2006. News from Europe was mostly negative. But Bank of England President Carney said they will consider using additional stimulus measures if economy falls again, boosting the market. Euro zone industry output in July was down 1.5%, lower than the 0.6% growth revised in June, with annualized data falling by 2.1%, also lower than the 0.4% decline revised in June. Greece's June unemployment rate rose to 27.9%, hitting a new high. It was reported Slovenia will likely apply for bailout to European Stability Mechanism. Labor Department officials pointed out the drop in initial jobless claims may due to computer system upgrading of some states, pushing down the US dollar index again, and allowing base metals prices to gain back some losses. Technically market is under short covering as market has witnessed drop in open interest by -13.18% to settled at 3997 while prices up 5.7 rupee, now Nickel is getting support at 869.3 and below same could see a test of 859.3 level, And resistance is now likely to be seen at 885.5, a move above could see prices testing 891.7.

Trading Ideas:

Nickel trading range for the day is 859.3-891.7.

Nickel gained as the surprising plunge in the unemployment data was clarified to be caused by computer-related glitches

Eurozone July industrial output was reported significantly lower than forecast, and US initial jobless claims dropped to their lowest since 2006

Despite Syria issue appears to have eased, investor concerns continued to grow.