Commodity Outlook for Nickel by KediaCommodity

NickelJinchuan Group Co. has raised its refined nickel prices by CNY2,000 ($295) to CNY169,000 a metric ton. Nickel has touched a low of Rs 1022.6 a kg after opening at Rs.1022.6, and last traded at Rs 1032.4.For today market is looking for the support at 1024.4, a break below could see a test of 1016.4 and where as resistance is now likely to be seen at 1038.6, a move above could see prices testing 1044.8.

Trading Ideas:

Nickel trading range is 1016.4-1044.8.

China Jinchuan ups refined nickel prices by 1.2% to CNY169,000/ton

Nickel is getting support at 1027.20 and resistance is at 1038.80.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 7.30 - 12.2.