Nickel futures were trading higher during the morning trade in the domestic market on Thursday as speculators widened their positions amid rise in demand in the domestic spot market. Moreover, rise in demand from alloy-makers in the domestic spot market, supported the uptrend.

At the MCX, nickel futures for July 2016 contract traded at Rs 698.50 per kg, up by 1.39 %, after opening at Rs 694.40, against a previous close of Rs 688.90. It touched the intra-day high of Rs 699. 

Nickel on MCX settled down -1.78% at 688.90 following rallies the session before in expectation of more easing in major economies including China. LME nickel fell 1 %, while ShFE nickel dropped 2 %while fundamentals are still support for nickel prices as worries about a shortfall in ore supply from top exporter the Philippines had triggered a run up in prices that also fuelled short-covering. 

Technically market is under fresh selling as market has witnessed gain in open interest by 0.6% to settled at 13016 while prices down -12.5 rupee, now Nickel is getting support at 678.6 and below same could see a test of 668.4 level, And resistance is now likely to be seen at 707.4, a move above could see prices testing 726.  

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