Shanghai Tsingshan Minerals Co., China's largest privately-owned stainless steel producer, will start operations at a nickel pigiron plant in Fujian province in May. Nickel has touched a low of Rs 1129 a kg after opening at Rs. 1139.7, and last traded at Rs 1171.5. For today market is looking for the support at 1142, a break below could see a test of 1112.5 and where as resistance is now likely to be seen at 1188, a move above could see prices testing 1204.5.

Trading Ideas:

Nickel trading range is 1112.5-1204.5.

Shanghai Tsingshan Minerals Co will start operations at nickel plant in May

Nickel is getting support at 1164.80 and resistance is at 1177.60

Spread between nickel MAY & JUN contacts yesterday traded in the range of 0.30 - 1.4.

BUY NICKEL MAY @ 1150 SL 1142 TGT 1156-1164-1172.MCX