Nickel settled down -1.4% at 1136.40 after a series of economic reports from China, the euro zone, and the US came in negative, the price of the soft metal sank below 1140, and ended down by -1.4% at 1136.40. In China, value added at large industrials grew at an unexpectedly slower rate of 9.0% YoY in July. Urban fixed asset investment growth in the first seven months fell to 17%, while increase in retail sales of consumer goods also dropped to 12.2%, missing expectations. National real estate development investment rose in the first seven months at a nominal rate of 13.7% to RMB 5.04 trillion, with the growth down 0.4 percentage point from the first six months. Electricity generated in July increased 3.3% YoY to 504.8 billion kwh, compared to a 5.7% rise in June. New RMB loans hit a refreshed 5-year low in July, while social financing tumbled 86% MoM. These downbeat economic data compounded concerns about a slowdown in the Chinese economy, but also raised expectations for the government to lower interest rates and ramp up stimulus measures to support the economy. While US retail sales stalled in July since automobile demand from the country's consumers waned and slow wage increases depressed buying. Nevertheless, major three US stock indices still closed higher, boosted by technology stocks. Technically market is under long liquidation as market has witnessed drop in open interest by -27.22% to settled at 4112 while prices down -16.1 rupee, now Nickel is getting support at 1129 and below same could see a test of 1121.6 level, And resistance is now likely to be seen at 1146.9, a move above could see prices testing 1157.4.

Trading Ideas:

Nickel trading range for the day is 1121.6-1157.4.

Nickel settled down after a series of economic reports from China, the euro zone, and the US came in negative.

While US retail sales stalled in July since automobile demand from the country's consumers waned and slow wage increases depressed buying.

Prices have been on a downward trend amid indications of a slowdown in demand from China, the world's largest consumer of the metal