Nickel on MCX settled down -0.8% at 733.3 tracking LME prices dropped by 0.6 percent to finish at $10,980 despite of gains in all other base metals counters. The latest fundamental data shows the nickel market softening into year-end due to a sharp upswing in Indonesia's output. The Philippines' environment minister said on Monday that she stands by her decision to shut more than half the country's operating mines ahead of a meeting to review the move. Growth in China's services sector slowed slightly in February compared with the previous month but remained robust. Activity in China's manufacturing sector expanded faster than expected in February, an official survey showed. Japanese manufacturing activity expanded in February at the fastest pace in almost three years, a private survey showed. In economic news, the Commerce Department released a report showing a rebound in durable goods orders in the month of January. The report said durable goods orders jumped by 1.8 percent in January after falling by a revised 0.8 percent in December. A separate report from the National Association of Realtors unexpectedly showed a steep drop in pending home sales in the month of January. NAR said its pending home sales index tumbled by 2.8 percent to 106.4 in January after climbing by 0.8 percent to a revised 109.5 in December. This week is also peppered with a handful of Fed appearances, most importantly Fed Chair Janet Yellen on Friday. Technically market is under fresh selling as market has witnessed gain in open interest by 51.95% to settled at 9962 while prices down -5.9 rupees, now Nickel is getting support at 724.1 and below same could see a test of 714.9 level, And resistance is now likely to be seen at 739.3, a move above could see prices testing 745.3.

Trading Ideas:

# Nickel trading range for the day is 714.9-745.3.

# Nickel dropped tracking LME prices dropped by 0.6 percent to finish at $10,980 despite of gains in all other base metals counters.

# The latest fundamental data shows the nickel market softening into year-end due to a sharp upswing in Indonesia's output.

# Growth in China's services sector slowed slightly in February compared with the previous month but remained robust.