Nickel yesterday traded with the positive node and settled 0.33% up at 1103.5. In the Shanghai nickel spot market, mainstream traded prices of nickel from Russia were between RMB 188,000-188,500/mt, when LME nickel prices slipped in the afternoon trading hours, lowest traded price of nickel from Jinchuan Group was reported at USD 188,300/mt. Supply of imported nickel from Russia was still limited in the market, and market reported that Russian nickel may arrive in domestic market in the following week. Overall transactions were moderate, as trading sentiment was not brisk among traders by virtue of decline in LME nickel prices. Some traders largely replenished stocks. For today's session market is looking to take support at 1097.5, a break below could see a test of 1091.4 and where as resistance is now likely to be seen at 1113.7, a move above could see prices testing 1123.8.

Trading Ideas:

Nickel trading range is 1091.4-1123.8.

Nickel manage to close above 1100 level on profit booking and supply concern.

Supply of imported nickel from Russia was still limited in the market.

Russian nickel may arrive in domestic market in the following week

SELL NICKEL JAN @ 1135-1138 SL 1148 TGT 1128-1122-1116.MCX

YESTERDAY LME STOCK FOR NICKEL CAME UP BY 1218