Commodity Trading Tips for Nickel by KediaCommodity

NickelNickel yesterday traded with the positive node and settled 1.3% up at 1311.3 with support from LME nickel price which advanced along with other base metals after a slight low open. The unexpected strong copper import data released by China reinforced expectation of strong global demand, and base metal prices were boosted to present robust performance on February 14th. Investors focus on concerning that prices may be affected by possible tightening polices adopted by China government. For today's session market is looking to take support at 1296.1, a break below could see a test of 1281 and where as resistance is now likely to be seen at 1320.5, a move above could see prices testing 1329.8.

Trading Ideas:

Nickel trading range is 1281-1329.8.

Jinchuan Group raised ex-works nickel prices by RMB 3,000/mt to RMB 218,000/mt on February 15th.

Nickel looks to take support at 1300 and resistance is at 1324 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.10 - 6.1.