Jinchuan Group Co., China's largest nickel producer, cut its refined nickel price by CNY10,000 to CNY166,000 a metric ton. The reduction, the group's third this month, comes on the back of rising worries on global growth related to the ongoing European debt crisis as well as China's measures to cool domestic property markets. Nickel has touched a low of Rs 976 a kg after opening at Rs.998.8, and last traded at Rs 993.5.For today market is looking for the support at 974.1, a break below could see a test of 954.8 and where as resistance is now likely to be seen at 1014.7, a move above could see prices testing 1036.

Trading Ideas:

Trading Ideas:

Nickel trading range is 954.8-1036.

Jinchuan cuts refined nickel prices by 65 to CNY166,000/ton

Nickel is getting support at 986.80 and resistance is at 999.20

Shanghai nickel spot market, some suppliers shut off business as price level made profitless.

BUY NICKEL MAY ABV 1000 SL 994 TGT 1006-1012-1018.MCX