World Bureau of Metal Statistics (WBMS) latest figures showed that the World Nickel market was in deficit during Jan-Sep 2010. The apparent demand of Nickel exceeded supply by 41000 tonnes that compares to a market deficit of 16500 tonnes in Jan-Sep 2009. For the whole year 2009 the markets of Nickel were in surplus of 28100 tonnes. Nickel has touched a low of Rs 971.7 a kg after opening at Rs.993, and last traded at Rs 991.For today market is looking for the support at 974.9, a break below could see a test of 958.9 and where as resistance is now likely to be seen at 1003.8, a move above could see prices testing 1016.7.

Trading Ideas:

Nickel trading range is 958.9-1016.7.

WBMS figures showed that the world nickel market was in deficit during Jan-Sep 2010

Nickel is having resistance at 1003.80 and support at 984.90 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.80 - 11.3.