Nickel yesterday traded with the positive node and settled 0.14% up at 1177.5 after tracking LME nickel futures for delivery in three months which opened at USD 26,000/mt and closed at USD 26,247/mt overnight, up by USD 26,247/mt from a day earlier, with the highest price at USD 26,322/mt and the lowest price at USD 25,700/mt. LME base metal prices closed with gains on Thursday, as the US dollar weakened against the euro.
LME nickel futures contract prices finally closed with gains after wide fluctuation, but were still weighed by all-day moving average.
The euro strengthened on Thursday, as investors' concern over European debt crisis eased to certain extent and their focus is shifting possibility of interest rate hike by European Central Bank.
For today's session market is looking to take support at 1165.4, a break below could see a test of 1153.2 and where as resistance is now likely to be seen at 1186.8, a move above could see prices testing 1196.
Trading Ideas:
Nickel trading range is 1153.2-1196.
Ambatovy nickel project in Madagascar begins production this year
Nickel is having resistance at 1186.80 and support at 1165.40 level.
Spread between nickel APR & MAY contracts yesterday traded in the range of 8.20 - 9.4.
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