Nickel settled up 0.3% at 1162 as China’s economic indicators were upbeat, with June’s lending and money supply rising faster than expected. Economic data releases from UK and the US overnight was mixed, and Fed Chairwoman Janet Yellen's statement has no new opinion, keeping base metals prices consolidating.  China's power consumption and informal financing released yesterday were upbeat, boding well for China's Q2 GDP. In the euro zone, the ZEW indicators of economic sentiment for the euro zone and Germany turned out weaker than expected, while the US economic signposts were mixed. The US retail sales for June were sluggish, but the Empire State NY Fed manufacturing index was far beyond forecast in July. The Fed Chairwoman Janet Yellen said while testifying before the Congress that the US economic outlook remained largely uncertain and investors were pondering the testimony to find out some clues about interest rate rise. Janet Yellen said the US job market remained weak during the testimony to Senate Banking Committee and expressed her concerns over a slow recovery in housing market. As a result, she considered accommodative policies still needed. But Yellen also stated if the economy proves to be stronger than anticipated by the Committee, then increases in the federal funds rate target are likely to occur sooner and to be more rapid than currently envisaged. LME nickel prices opened at USD 19,354/mt overnight, with the high end of the price range USD 19,405/mt, and finding support at USD 19,200/mt. Finally, LME nickel prices closed at USD 19,340/mt, down USD 33/mt from the previous trading day. Now Nickel is getting support at 1155.4 and below same could see a test of 1148.9 level, And resistance is now likely to be seen at 1167, a move above could see prices testing 1172.1.

Trading Ideas:

Nickel trading range for the day is 1148.9-1172.1.

Nickel seen supported as China’s economic indicators were upbeat, with June’s lending and money supply rising faster than expected.

US retail sales data fell short of market expectations, but New York Fed's manufacturing index hit a four-year high

In the euro zone, the ZEW indicators of economic sentiment for the euro zone and Germany turned out weaker than expected, while the US economic signposts were mixed.