Commodity Trading Tips for Nickel by KediaCommodity

Ajay Kumar Kedia 17 April 2013

Nickel Nickel settled -0.26% down at 852.80 as US CPI and housing permits in March, as well as Germany and euro zone economic climate index were all reported worse than expected, with only housing starts above expectation. The US released April 16 its industrial production for March rose 0.4% compared with the previous month, better than market expectations. Cold weather in March increased utilities output, helping increase the overall reading. Meanwhile, the US housing starts added 1.036 million at a seasonally adjusted annual rate in March, the highest since June 2008. Apartment construction led the surge in March. The housing recovery will likely become a mild driver for economic recovery in 2013. Application for building permits, however, fell unexpectedly to 902,000, below market estimates and the previous data. In other economic figures, the US CPI for March was much lower than market expectations and the previous reading, due largely to falling gasoline prices and soft consumption, raising market attention over the Beige Book to be released this Thursday. In the euro zone area, European Commission President said he would propose early payment of EU aid supporting the troubled Cyprus. The comments, which helped ease market concerns over the fears of the sale of Cypriot gold reserves, sent the euro up. In addition, the German ZEW economic sentiment slid to 36.3, well below market estimates of 42.0. Financial experts in the survey remained confident, but not as strong as before. For today's session market is looking to take support at 843.0, a break below could see a test of 833.2 and where as resistance is now likely to be seen at 861.6, a move above could see prices testing 870.4.