Commodity Outlook for Nickel by KediaCommodity

NickelNickel prices ended weak on weak demand in spot markets coupled with lower offtake by industries in China. The Chinese national day is coming nearer and the expectations are that the offtake from LME stocks will be low. Nickel has touched a low of Rs 1031.3 a kg after opening at Rs.1044.9, and last traded at Rs 1044.1.For today market is looking for the support at 1032.8, a break below could see a test of 1021.6 and where as resistance is now likely to be seen at 1053.8, a move above could see prices testing 1063.6.

Trading Ideas:

Nickel trading range is 1021.6-1063.6.

Nickel prices ended weak on weak demand in spot markets

Nickel is having resistance at 1053.8 and support at 1032.8 level.

Spread between nickel SEP & OCT contracts yesterday ended at 6.30.