Commodity Trading Tips for Nickel by KediaCommodity

NickelNickel yesterday traded with the negative node and settled -1.41% down at 919.2 tracking LME nickel prices fell slowly and fluctuated at low levels due to positive US jobless claims data and export volume in March. But LME nickel prices continued to fall and dipped to a new low at USD 17,060/mt, while LME inventories continued to grow. Finally, LME nickel prices closed at USD 17,182/mt, down USD 80/mt. Greece's left wing leader said his party failed to build a coalition government. ECB said Greece will not receive further bailout unless it completes its work. Risk adverse sentiment dominated the market, pushing up the US dollar index to 80.22, combined with weak demand in markets, China's trade market was sluggish. But the number of US jobless claims for the week ending May 5th decreased 1k to 367k, compared to 369k expected, pushing up commodity prices. China will announce its CPI today, which will directly affect national monetary policies. Vale said it would suspend sales and purchase agreements at its Goro project on the French Pacific island of New Caledonia after an accident at the mine's sulfuric acid. For today's session market is looking to take support at 914.3, a break below could see a test of 909.4 and where as resistance is now likely to be seen at 926.9, a move above could see prices testing 934.6.

Trading Ideas:

Nickel trading range for the day is 909.4-935.

Nickel settled down as prices fell slowly due to positive US jobless claims data and export volume in March.

LME nickel prices continued to fall and dipped to a new low at USD 17,060/mt, while LME inventories continued to grow.

ECB said Greece will not receive further bailout unless it completes its work. Risk adverse sentiment dominated the market