Commodity Outlook for Nickel by Kedia Commodity

Commodity Outlook for Nickel by Kedia CommodityMinara Resources had returned to normal operating levels after completing scheduled maintenance work on its Murrin Murrin nickel project. The company, which is forecasting 2010 production of between 28,000-30,000 tonnes of nickel, started the maintenance work on Oct. 1. Nickel has touched a low of Rs 1026.2 a kg after opening at Rs. 1027, and last traded at Rs 1037. For today market is looking for the support at 1029.2, a break below could see a test of 1021.3 and where as resistance is now likely to be seen at 1041.9, a move above could see prices testing 1046.7.

Trading Ideas:

Nickel trading range is 1021.3-1046.7.

Australia's Minara says nickel plant back on track

Nickel is having resistance at 1045.70 and support at 1029.20 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.50 - 14.