Nickel settled down -0.93% at 829.4 after US's positive initial jobless claims for last week were released, the US dollar index rebounded, weighing down prices. GDP in the UK grew 0.8% QoQ and 1.5% YoY in Q3, in line with forecasts. Germany's GfK consumer confidence index for December jumped to its highest level in more than six years at 7.4. Eurozone economic news was positive. Germany's GFK CCI rose to a six-year high, and UK's Q3 GDP leveled out. LME nickel prices opened at USD 13,455/mt, then hovered between USD 13,461-13,520/mt. After US's positive initial jobless claims for last week were released, the US dollar index rebounded, weighing down base metals prices, with LME nickel prices dipping to USD 13,274/mt. European Central Bank Constancio stated they have not reached an agreement of negative interest rate execution, with LME nickel prices closing at USD 13,325/mt, down USD 116/mt. LME nickel prices overnight opened at USD 13,455/mt, with the high end of the price range USD 13,519/mt, and finding support at USD 13,274/mt. Finally, LME nickel prices closed at USD 13,325/mt, down USD 116/mt from the previous trading day. Trading volumes increased by 763 lots, to 3,282 lots, and total positions increased by 327 lots, to 142,379 lots. Inventories grew by 912 mt, to 250,572 mt. Technically market is under long liquidation as market has witnessed drop in open interest by -8.58% to settled at 7479 while prices down -7.8 rupee, now Nickel is getting support at 824.7 and below same could see a test of 819.9 level, And resistance is now likely to be seen at 837.1, a move above could see prices testing 844.7.

Trading Ideas:

Nickel trading range for the day is 819.9-844.7.

Nickel dropped after US's positive initial jobless claims for last week were released, the US dollar index rebounded, weighing down prices

Germany's GFK CCI rose to a six-year high, and UK's Q3 GDP leveled out.

European Central Bank Constancio stated they have not reached an agreement of negative interest rate execution