New Caledonia's Societe Le Nickel has begun to resume mining operations after cyclone Vania passed over the South Pacific island over the weekend, but was monitoring a second storm in the region. Nickel yesterday traded with the positive node and settled 0.91% up at 1186.4. Some support had been seen from the LME stock also which came down by -414mt, the total stock at LME is now at 137352mt. In yesterday's trading session nickel has touched the low of 1175.7 after opening at 1177, and finally settled at 1186.4. For today's session market is looking to take support at 1173.1, a break below could see a test of 1159.7 and where as resistance is now likely to be seen at 1202.4, a move above could see prices testing 1218.3.

Trading Ideas:

Nickel trading range is 1159.7-1218.3.

Eramet SA’s Societe Le Nickel unit which on Jan. 14 suspended nickel mining  is resuming operations.

Nickel looks to take support at 1174 and resistance is at 1198 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 6.50 - 8.1.