Declining Nickel inventories will check the fall of Nickel prices. LME Inventories have been declining continuously in June, since the start of the month we have seen a fall of 8.7% in the total inventories in LME warehouses. Nickel has touched a low of Rs 912 a kg after opening at Rs.917.1, and last traded at Rs 941.1.For today market is looking for the support at 919.5, a break below could see a test of 897.9 and where as resistance is now likely to be seen at 955.2, a move above could see prices testing 969.3.

Trading Ideas:

Nickel trading range is 897.9-969.3.

Declining nickel inventories will check fall in prices

Nickel is getting support at 934.80 and resistance is at 947.60

Spread between nickel JUN & JUL contracts yesterday traded in the range of 1.30 - 6.4.

SELL NICKEL JUNE BELOW 935 SL 944 TGT 930-924.50-918.MCX