Nickel settled flat as prices got support after Indonesia reiterated it would impose an export ban on ore. Third-quarter U. S. growth was revised to 3.6 percent from 2.8 percent, while weekly jobless claims also fell. The U. S. data boosted speculation that Friday's non-farm payrolls figures could also beat expectations and accelerate the Fed's stimulus withdrawal plans. The stimulus programme has released more money into the economy and has been used to buy assets including commodities. LME nickel prices which opened at USD 13,656/mt, with the high end of the price range USD 13,645/mt, and finding support at USD 13,918/mt. Finally, LME nickel prices closed at USD 13,734/mt, up USD 52/mt from the previous trading day. Inventories fell by 180 mt, to 252,636 mt. LME nickel prices opened at USD 13,656/mt, then leveled out, but rebounding to USD 13,918/mt. US Q3 GDP rose further and initial jobless claims last week also topped expectations, causing concerns that the Fed will bright QE3 to an end in December to grow, and pushing down LME nickel prices to close at USD 13,734/mt, up USD 52/mt. Technically market is under short covering as market has witnessed drop in open interest by -8.37% to settled at 8237 while prices up 0.5 rupee, now Nickel is getting support at 840.6 and below same could see a test of 831.8 level, And resistance is now likely to be seen at 860.4, a move above could see prices testing 871.4.

Trading Ideas:

Nickel trading range for the day is 831.8-871.4.

Nickel settled flat as prices got support after Indonesia reiterated it would impose an export ban on ore

Third-quarter U. S. growth was revised to 3.6 percent from 2.8 percent, while weekly jobless claims also fell.

The U. S. data boosted speculation that Friday's non-farm payrolls figures could also beat expectations and accelerate the Fed's stimulus withdrawal plans