Nickel yesterday traded with the negative node and settled -0.47% down at 1068.4 tracking LME nickel which opened at USD 24,050/mt and closed at USD 24,000/mt, down by USD 105/mt from a day earlier, with the highest price at USD 24,185/mt and the lowest price at USD 23,780/mt. LME nickel prices fluctuated narrowly around USD 24,100/mt during the early Asian trading hours. However, during the early European trading hours, LME nickel prices slipped slightly to USD 24,000/mt, and fell further to hit a low of USD 23,780/mt due to the lower-than-expected consumer confidence index. Finally, LME nickel prices pared certain losses and closed at USD 24,000/mt due to weaker US dollar. Market is focusing on Thursday’s EU summit. The EU leaders will discuss how to reduce Greece’s huge debt burden, which is part of Greek bailout plan. Lingering uncertainties over the debt issue in the US and the euro zone and concern over outlook of base metal demand capped base metal prices from rising further. For today's session market is looking to take support at 1059.4, a break below could see a test of 1050.5 and where as resistance is now likely to be seen at 1076.5, a move above could see prices testing 1084.7.

Nickel trading range is 1050.5-1084.7.

Nickel prices slipped due to the lower-than-expected consumer confidence index.

Western Australia's nickel miner Areas sees 2011/12 nickel output at 25,000-27,000T

Spread between nickel JUL & AUG contracts yesterday traded in the range of 7.20 - 9.3.

SELL NICKEL JULY @ 1068-1078 SL 1090 TGT 1058-1046-1035.MCX (1-2DAYS)

YESTERDAY LME STOCK FOR NICKEL CAME UP  BY 342