Nickel yesterday traded with the positive node and settled 1.64% up at 1187.5. Initially in the morning session nickel traded weak as LME nickel for delivery in three months opened at USD 26,510/mt and closed at USD 26,700/mt, down by USD 190/mt from a day earlier, with the highest price at USD 26,845/mt and the lowest price at USD 25,850/mt. Base metal prices largely ended with losses, but dip-buying and weaker US dollar helped pare certain losses. LME nickel prices plummeted during the early trading hours on Tuesday and hit a low of USD 25,850/mt. But prices later rebounded from weaker US dollar and better-than-expected consumer confidence index from the US, with prices gradually paring early losses. Finally, LME nickel prices closed at USD 26,700/mt. For today's session market is looking to take support at 1162.9, a break below could see a test of 1138.4 and where as resistance is now likely to be seen at 1203.4, a move above could see prices testing 1219.4.

Trading Ideas:

Nickel trading range is 1138.4-1219.4.

Nickel ended higher as dip-buying and weaker US dollar supported the prices

Nickel is having resistance at 1203.40 and support at 1162.90 level.

Russia to peg nickel export duty to LME prices