Nickel yesterday traded with the positive node and settled 0.57% up at 1067.9 tracking LME Nickel which opened at USD 21,550/mt and closed at USD 21,700/mt overnight, up by USD 153/mt from a day earlier, with the highest price at USD 22,050 mt and the lowest price at USD 21,215/mt. LME nickel prices fell to certain extent after initial rallying.
During Thursday’s European trading hours, the European interest rate meeting announced that quantitative easing scale shall be expanded to GBP 50 billion, and interest rate shall remain unchanged at 0.50%.
Meanwhile, the Greek debt talk reported certain progress, boosting LME nickel prices to close at USD 21,700/mt. Greek Premier Papademos announced that Greek leaders accepted all provisions for the bailout plan, excluding only one provision.
Market widely expects that the Greek government will soon reach agreement with private sectors on all provisions.
The Greek debt crisis which haunted market for quite a long time finally shed a light, boosting risk appetite in the market.
In addition, rebound in China’s stock market also supported base metal prices.
For today's session market is looking to take support at 1054.4, a break below could see a test of 1041 and where as resistance is now likely to be seen at 1078.4, a move above could see prices testing 1089.
Trading Ideas:
Nickel trading range for the day is 1040.97-1089.
Nickel jumped as the Greek debt talk reported certain progress, boosting Nickel prices
Greek debt crisis which haunted market for quite a long time finally shed a light, boosting risk appetite in the market
Greek Premier Papademos announced that Greek leaders accepted all provisions for the bailout plan
Courtesy: Kedia Commodities
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