Russia’s nickel output in January to July 2010 grew by 105.4% compared to the corresponding period of 2009. Nickel has touched a low of Rs 991.3 a kg after opening at Rs.996, and last traded at Rs 994.8.For today market is looking for the support at 988, a break below could see a test of 981.2 and where as resistance is now likely to be seen at 1004.9, a move above could see prices testing 1015.

Trading Ideas:

Nickel trading range is 981.2-1015.

Russia’s nickel output in January to July 2010 grew by 105.4%

Nickel is getting support at 988 and resistance is at 999.20.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 8.60 - 9.7.