Commodity Trading Tips for Nickel by KediaCommodity

NickelNickel settled flat at 962.90 as on the macroeconomic front, the euro zone financial ministers reached an agreement to approve EUR 49.1 bailout fund on Greece on a meeting held on Brussels this Thursday. Total fund will be released before March 2013, and RMB 34.3 billion will be released in the following few days. However, the fiscal talk moved slowly, as the two parties were divided and were reluctant to make compromise. US House Speaker John Boehner said "serious differences" remain between him and President Obama, and that the president hadn't made a proposal to cut spending. Last week’s initial jobless claims fell to 29,000 in the US, and total seasonally adjusted jobless claim fell to 343,000, the lowest in two months and better than 370,000 expected. The US retail sales for November advanced by 0.3% to USD 412.4, while the previous expectation was an increase by 0.5%. The US PPI for November fell by 0.8%. It is believed that price decline of energy product is the major reason behind PPI decline. Worries over the debt issues in Europe and the US will trigger market risk aversion. In yesterday's trading session nickel has touched the low of 951.7 after opening at 961, and finally settled at 962.9. For today's session market is looking to take support at 955, a break below could see a test of 947.1 and where as resistance is now likely to be seen at 967.5, a move above could see prices testing 972.1.

Trading Ideas:

Nickel trading range for the day is 947.1-972.

Nickel settled flat as support seen after better-than-expected initial jobless claim from the US.

US retail sales for November advanced by 0.3% to USD 412.4, while the previous expectation was an increase by 0.5%.

Mounting worries about the fiscal cliff of looming automatic tax hike and spending cuts further kept investors on edge.