Nickel settled up 2.28% at 889.1 tracking firmness in LME prices as China's positive economic data lent support. LME nickel prices overnight opened at USD 14,193/mt, with the high end of the price range USD 14,500/mt, and finding support at USD 14,183/mt. Finally, LME nickel prices closed at USD 14,450/mt, up USD 240/mt from the previous trading day. Trading volumes increased by 493 lots, to 4,522 lots, and total positions increased by 1,139 lots, to 138,542 lots. Inventories grew by 720 mt, to 230,760 mt. Sluggish economy helped erase concerns over QE3 wind-down. LME nickel prices opened at USD 14,193/mt, reaching USD 14,500/mt and finally closing the day up USD 240/mt. Chicago Federal Reserve President stated that the US government shutdown has disrupted the normal data flow, and the US Federal Reserve will also need more time to evaluate economic conditions from the data. The comments mean that the US Fed QE exit will presumably come later than expected. Investors will keenly watch the US non-farm payrolls and trade cautiously ahead of the result on Tuesday. Indonesia, the world's top exporter of nickel ore, has said it plans to bring in a ban on unprocessed ore exports from Jan. 1. Matched with output cutbacks, this move could lift the price of this year's worst-performing base metal by more than 20 percent off multi-year lows, analysts said. China stepped up its raw materials imports from Indonesia ahead of the ban, with September imports of bauxite up 800 percent and nickel ore imports up 50 percent compared with the same month of the previous year. Technically Nickel is getting support at 878 and below same could see a test of 866.8 level, And resistance is now likely to be seen at 895.2, a move above could see prices testing 901.2.
Nickel trading range for the day is 866.8-901.2.
Nickel ended with gains tracking firmness in LME prices as China's positive economic data lent support
Data showed U. S. home resales fell in September and prices rose at their slowest pace in five months.
Sluggish economy helped erase concerns over QE3 wind-down.
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