Nickel yesterday traded week in the early trading session but recovered in the late session and closed with the positive node and settled 1.36% up at 1089.9 boosted by a series of upbeat economic reports from the US, LME nickel prices opened at USD 23,900/mt and closed at USD 24,100/mt overnight, up by USD 195/mt or up by 0.82% from a day earlier, with the highest price at USD 24,335/mt and the lowest price at USD 23,900/mt. The US dollar index fell below 80, boosting base metal prices, LME nickel inventories were down by 276 mt to 135,444 mt. For today's session market is looking to take support at 1077, a break below could see a test of 1064 and where as resistance is now likely to be seen at 1098.9, a move above could see prices testing 1107.8.

Trading Ideas:

Nickel trading range is 1064-1107.8.

Nickel recovered from weak on technical selling seen in the charts but still trading below 1096 lvl

Nickel is having resistance at 1094.20 and support at 1072.40 level.

Nickel import and export data released by China Customs also weighed on LME nickel prices.

NICKEL LOOK TO TRADE IN THE RANGE 1080-1098 WILL WAIT TO HAVE FRESH ENTRY.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -276