The unionized office, clerical, and technical workers at Vale's Sudbury nickel mining operations have accepted a new contract offer, averting a strike. The deal does not affect a separate walkout of about 3,000 mine, mill and smelter workers that began in July 2009. Vale is currently increasing nickel production in Sudbury despite the mine strike, using non mine employees and contract workers.

Nickel has touched a low of Rs 1086.3 a kg after opening at Rs. 1127.6, and last traded at Rs 1095.2. For today market is looking for the support at 1078.5, a break below could see a test of 1061.7 and where as resistance is now likely to be seen at 1119.8, a move above could see prices testing 1144.3.

Trading Ideas:

Nickel trading range is 1061.7-1144.3.

Vale Sudbury nickel workers accept a new contract offer

Nickel is getting support at 1088.60 and resistance is at 1100.80.

Jinchuan Group raised ex-works nickel prices by RMB 2,000/mt

BUY NICKEL APR ABV 1100 SL 1092 TGT 1106-1113-1118. MCX