Nickel yesterday traded with the negative node and settled -0.35% down at 996.1 tracking LME nickel which opened at USD 20,200/mt and closed at USD 20,201/mt overnight, up by USD 92/mt from a day earlier, with the highest price at USD 20,450mt and the lowest price at USD 20,000/mt. LME nickel prices advanced to around 30-day moving average during Wednesday’s Asian trading hours, but were down and finally closed at USD 20,201/mt during the European trading hours. The euro zone financial ministers’ telephone conference did not come up with substantial progress. According to report, the financial ministers in the euro zone were considering to postpone the second round of Greek Bailout. In addition, the Greek people were unwilling to accept the stern conditions proposed by other euro zone countries. Greece still faced many challenges in receiving financial aid, weighing on market sentiment. LME nickel prices slumped overnight. In yesterday's trading session nickel has touched the low of 990 after opening at 1003, and finally settled at 996.1. For today's session market is looking to take support at 987.5, a break below could see a test of 978.9 and where as resistance is now likely to be seen at 1007.2, a move above could see prices testing 1018.3.

Trading Ideas:

Nickel trading range for the day is 978.9-1018.

Nickel yesterday traded with the negative node and settled -0.35% down tracking LME nickel prices

The euro zone financial ministers’ telephone conference did not come up with substantial progress

The financial ministers in the euro zone were considering to postpone the second round of Greek Bailout