World refined nickel demand was 90,000 tons higher in January to May compared with the same period in the previous year.  Nickel mine production during the period declined 5.7% on the year to 546,000 tons. Nickel has touched a low of Rs 912 a kg after opening at Rs.917.4, and last traded at Rs 946.3.For today market is looking for the support at 922.9, a break below could see a test of 899.5 and where as resistance is now likely to be seen at 958.8, a move above could see prices testing 971.3.

Trading Ideas:

Nickel trading range is 899.5-971.3.

World refined nickel demand was 90,000 tons higher in January to May – WBMS

Nickel is getting support at 938.20 and resistance is at 953.40

Spread between nickel JUL & AUG contracts yesterday traded in the range of 4.00 - 7.6.