Nickel yesterday traded with the negative node and settled -0.52% down at 1061.8 tracking LME Nickel which opened at USD 21,715/mt and closed at USD 21,547/mt overnight, down by USD 168/mt from a day earlier, with the highest price at USD 22,150/mt and the lowest price at USD 21,507/mt.
During Wednesday’s Asian trading hours, LME nickel prices surged to hit USD 22,150/mt on rally in China’s stock market and from market positive expectation over Greek debt talk.
During the European trading hours, market sentiment was dampened as no further progress was reported for the Greek debt talk, and LME nickel prices fell sharply in response to close with slight losses at USD 21,547/mt.
It is expected that China’s stock market is unlikely to surge on Thursday, and market optimism towards the Greek debt crisis shall not last long.
China will announce its CPI data for January today, trading will be cautious ahead of its release.
In yesterday's trading session Nickel has touched the low of 1060 after opening at 1067.6, and finally settled at 1061.8.
For today's session market is looking to take support at 1052.3, a break below could see a test of 1042.7 and where as resistance is now likely to be seen at 1079.1, a move above could see prices testing 1096.3.
Trading Ideas:
Nickel trading range for the day is 1042.73-1096.
Nickel jumped to test 1086.80 level tracking LME nickel which hits 5-month high of $22,000/tns on euro rally.
China will release the latest CPI data and other key economic figures, and if the CPI data came in as market expected.
CNY Producer Price Index (JAN): 0.7% (actual) vs. 0.8% (expected) vs. 1.7% (previous)
Courtesy: Kedia Commodities
Looking for a trading partner?visit commodityonline.com/franchisee
