The global nickel market will be in a slight deficit this year, due partly to growing demand from China and still-idled nickel capacity. Nickel has touched a low of Rs 984 a kg after opening at Rs. 989.4, and last traded at Rs 985.9. For today market is looking for the support at 982.9, a break below could see a test of 980 and where as resistance is now likely to be seen at 989.9, a move above could see prices testing 994.

Trading Ideas:

Nickel trading range is 980-994.

The global nickel market will be in a slight deficit this year

Nickel is getting support at 980.80 and resistance is at 990.20

Spread between nickel JUN & JUL contracts yesterday traded in the range of 0.80 - 4.2.

BUY NICKEL JUNE @ 890 SL 886 TGT 894.50-898.MCX