Nickel yesterday traded with the negative node and settled -1.06% down at 809.4. from the mine side still dispute is going on both the two sides have not returned to the bargaining table since the strike began, and they are far apart on several issues, include reforms to the company's pension plan and proposed changes to a potentially lucrative worker bonus tied to the price of nickel.
Some pressure had been seen from the LME stock also yesterday's trading session nickel has touched the low of 796.2 after opening at 812.5, and finally settled at 809.4.
For today's session market is looking to take support at 799.2, a break below could see a test of 789.1 and where as resistance is now likely to be seen at 816.5, a move above could see prices testing 823.7.
Trading Ideas:
Nickel trading range is 789.1-823.7.
Nickel yesterday traded with the negative node and settled -1.06% down at 809.4
Vale mine will continue to push to settle an almost seven-month strike at the complex
LME nickel prices is gradually stabilize, with prices moving in the USD 16,800-17,400/mt range.
SELL NICKEL FEB AT 818-820 SL 828 TGT 812.50-805.60-800.20.MCX
