Commodity Trading Tips for Nickel by KediaCommodity

NickelNickel yesterday traded with the negative node and settled -1.76% down at 953.7 due to stronger US dollar and decline of the European equity market. LME nickel for delivery in three months opened at USD 21,200/mt and closed at USD 20,777/mt overnight, down by USD 433/mt from a day earlier, with the highest price at USD 21,366/mt and the lowest price at USD 20,760/mt.  On Monday, there were no solid economic data and news in the market. The US and EU equity market slipped after surging, but closed with slight gains. The US dollar advanced slightly, while the euro fell slightly. In yesterday's trading session nickel has touched the low of 950.3 after opening at 974, and finally settled at 953.7. For today's session market is looking to take support at 942.4, a break below could see a test of 931.1 and where as resistance is now likely to be seen at 972.9, a move above could see prices testing 992.1.

Trading Ideas:

Nickel trading range is 931.1-992.1.

Nickel settled -1.76% down due to stronger US dollar and decline of the European equity market.

Jinchuan Group cut ex-works nickel prices by RMB 3,000/mt to RMB 161,000/mt dragging down spot prices.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 5.20 - 9.7.