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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

Refined zinc demand was 556,000 tons higher in January to May than during the same period a year ago.  The WBMS didn't provide figures for refined zinc production and refined zinc consumption, but said they were "also higher than the very low levels recorded at the beginning of last year." Zinc yesterday we have seen that market has moved 0.73%. Market has opened at 88.5 & made a low of 88.1 versus the day high of 90.8. The total volume for the day was at 29449 lots and the open interest was at 5134.Now support for the zinc is seen at 88.2 and below could see a test of 86.8. Resistance is now likely to be seen at 90.9, a move above could see prices testing 92.2.

Copper ended higher as a weaker dollar and improving fundamentals supported prices, but gains were capped by concerns about U.S. economic recovery and metals demand. Copper stocks at LME-registered warehouses dropped 1,100 tonnes to 416,525 tonnes, extending a fall that started in February. Copper stocks at LME warehouses hit 555,075 tonnes in late February, the highest level since October 2003.Copper has touched a low of Rs 319.3 a kg after opening at Rs 322.45, and last traded at Rs327.3.For today market is looking for the support at 320.9, a break below could see a test of 314.6 and where as resistance is now likely to be seen at 332, a move above could see prices testing 336.8.

Crude oil ended higher amid a potential storm threat in the Gulf of Mexico.

Silver jumped as optimistic sentiment gleaned from the day's corporate earnings and economic data points boosted industrial commodities. Silver opened the day slightly lower at 28777 dipping to its intraday low 28625. Rallies in base metals and crude, on improved earnings forecasts, saw Silver trade to its intraday high of 29120. Following gold, silver settled into quiet range trading for the remainder of the session eventually closing at 29022. Now support for the silver is seen at 28725 and below could see a test of 28427. Resistance is now likely to be seen at 29220, a move above could see prices testing 29417.

Trading Ideas:

Technology giant Wipro Ltd has registered net profit worth Rs 13.19 billion for the three month period ended June 30, 2010.

This showed an increase of 31% year-on-year (YoY) in the company's net profit.

In a declaration, the IT bellwether stated that its total revenue during the quarter first quarter (Q1) increased by 16.6% YoY to Rs 72.36 billion.

Under the International Financial Reporting Standards (IFRS), Wipro's net income for the first quarter stood at $284 million and total revenue $1.56 billion.