Nickel ended up supported by news that Indonesia will impose a new 20 percent export tax on 14 mineral ore exports including copper, gold and nickel from Sunday and will prohibit the shipment of raw minerals unless miners submit plans to build smelters.  New Indonesian taxes on metals and curbs on raw mineral shipments are likely to hit exports of nickel and bauxite to China and push ore prices higher on world markets. China's imports of nickel laterite ores from Indonesia may fall sharply after May, which would force Chinese nickel-pig-iron producers to cut production as ore prices rise. Thursday's decision brings to an end months of uncertainty for the Indonesian mining industry, which has been unsettled by a series of regulations this year as the country seeks to derive more revenue from a sector contributing about 12 percent of GDP. The seasonally adjusted number of US non-farm employment increased by 115,000 in April, the smallest monthly growth since October 2011, compared to the forecast of 170,000. US unemployment rate continued to drop to 8.1%, the lowest since January 2009, compared to 8.2% expected. Non-farm data improved slightly compared to expected, and investors did not think job markets turn around, triggering concerns of US economic recovery. In yesterday's trading session nickel has touched the low of 943 after opening at 944.7, and finally settled at 943.2. For today's session market is looking to take support at 942.6, a break below could see a test of 941.9 and where as resistance is now likely to be seen at 944.3, a move above could see prices testing 945.3.

Trading Ideas:

Nickel trading range for the day is 941.93-945.

Nickel ended up supported by news that Indonesia will impose a new 20 percent export tax on 14 mineral ore exports

Indonesia supplied around 80 percent of China's nickel last year

First nickel reports an 87% increase in first quarter production at Lockerby, affirms full year production and cost guidance