Nickel yesterday traded with the negative node and settled -0.7% down at 1016.9 tracking LME nickel prices which opened at USD 21,645/mt, and closed at USD 21,351/mt overnight, down USD 212/mt from a day earlier.
LME nickel prices largely fluctuated around USD 21,600/mt during the Asian trading hours, but fell to USD 21,400/mt during the European trading hours.
Although LME nickel prices pointed to USD 21,600/mt during the evening trading hours, prices were immediately dampened to close at USD 21,351/mt, down USD 212/mt from a day earlier.
LME nickel prices still moved between USD 21,000-22,000/mt, and will continue to fluctuate amid intensifying concern over European debt crisis.
The European debt crisis is still market focus. Positive statement from the ECB and Germany officials eased market concern to certain extent. In addition, China also reiterated its stance to continue supporting EU countries to cope with European debt crisis, and will continue to invest Europe.
In response, the US equity markets closed with gains across the board, and the US index ended with slight losses.
For today's session market is looking to take support at 1010, a break below could see a test of 1003 and where as resistance is now likely to be seen at 1025.9, a move above could see prices testing 1034.8.
Trading Ideas:
Nickel trading range is 1003-1034.8.
Nickel falls as European debt crisis is still market focus.
Support can be seen as positive statement from ECB and Germany officials eased market concern to certain extent.
China also reiterated its stance to continue supporting EU countries to cope with European debt crisis.
Courtesy: Kedia Commodities
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