Nickel on MCX settled down -2.22% at 686.30 as dollar gained as data showing rising U. S. wholesale inventories and an unexpectedly low number of Americans filing for unemployment benefits. Also pressure seen as traders are also looking ahead to Chinese trade data on Friday for signals of the strength of the world's second-biggest economy. While Forged warehouse certificates circulating in the name of Access World, a metals warehouse company owned by commodity giant Glencore Plc, have all been for nickel in Asia, it said on Thursday. Access World, formerly Pacorini Metals, said on Jan. 21 it had become aware of fake warehouse receipts circulating in its name and urged holders to seek authentication. Warehouse companies issue receipts for metal stored in their facilities as proof of ownership, which are often used as collateral for bank finance. Access World also said that it would provide authentication for clients' certificates on Feb. 10-15, after which it would honour "duly authenticated original warehouse receipts". Metals markets were rocked more than two years ago by a $3 billion fraud at Qingdao port in China, when a firm allegedly duplicated warehouse certificates to pledge metal as collateral for multiple bank loans. Now technically market is under fresh selling as market has witnessed gain in open interest by 10.07% to settled at 19856 while prices down -15.6 rupees, now Nickel is getting support at 680.2 and below same could see a test of 674 level, And resistance is now likely to be seen at 697.8, a move above could see prices testing 709.2.

Trading Ideas:

# Nickel trading range for the day is 674-709.2.

# Nickel dropped below 690 level as dollar gained as data showing rising U. S. wholesale inventories

# Russia’s Nickel exports slid, Nickel exports totaled 185,700 tonnes

# Negative news from the Philippines will kept affecting the market.