Indonesian mining firm Aneka Tambang is looking to initially procure one million tonnes of nickel a year from PT International Nickel Indonesia under a supply contract. Nickel has touched a low of Rs 1006.5 a kg after opening at Rs.1012, and last traded at Rs 1028.4.For today market is looking for the support at 1011.1, a break below could see a test of 993.9 and where as resistance is now likely to be seen at 1041, a move above could see prices testing 1053.7.

Trading Ideas:

Nickel trading range is 993.9-1053.7.

Indonesia's Antam aims to sign nickel deal

Nickel is getting support at 1022.20 and resistance is at 1034.80.

Spread between nickel MAR & APR contracts traded in the range of 0.70 - 2.3.

BUY NICKEL MAR @ 1018-1021 SL 1013 TGT 1024-1030-1036.MCX