Nickel yesterday settled flat at 823.20 boosted by the US Federal Reserve meeting minutes, Now as the market focused its attention on Sino-US economic conversation and China's GDP data, both trading volumes and total positions decreased. The financial market lacked news overnight. University of Michigan's July CCI was 83.9, worse than 84.1 expected; Federal Reserve Bank of Philadelphia President Charles Plosser and St Louis Fed Chairman Bullard stated. Charles Plosser expressed the US Federal Reserve (Fed) should begin to scale back bond purchasing in September, and quit bond purchasing at the end of the year, while Bullard believes the Fed needs more easing policies given sliding inflation data. Fitch downgraded France's rating from AAA to AA+ as the country's economic recovery is worse than expected, and maintained its outlook steady because France will not negatively affect European debt crisis. This weighed down the euro. China's economic data released last weekend including June power generation volume, M2 growth and newly-increased loans were not optimistic. Finance Minister Lou Jiwei expressed China is able to achieve the 6.5% or 7% economic growth target, triggering concerns over China's Q2 GDP. US stocks markets continued to rise while European stocks fell; LME base metals prices were mixed. Technically market is under long liquidation as market has witnessed drop in open interest by -0.56% to settled at 16526 while prices remain unchange, now Nickel is getting support at 821.90 and below same could see a test of 820.70 level, And resistance is now likely to be seen at 824.60, a move above could see prices testing 826.10.

Trading Ideas:

Nickel trading range for the day is 820.7-826.1.

Nickel yesterday settled flat boosted by the US Federal Reserve meeting minutes

European Central Bank has suggested that interest rates may remain at their currently low levels or possible fall even further

China's economic data released last weekend including June power generation volume, M2 growth and newly-increased loans were not optimistic.