Nickel production from the Ramu nickel mine in Papua New Guinea will likely be delayed until June of 2010. The $1.7 billion Ramu project was halted by the Papua New Guinea government for
a month in mid-2008 due to health and safety concerns. Nickel has touched a low of Rs 751.9 a kg after opening at Rs.753, and last traded at Rs 752.6.For today market is looking for the support at 751.50, a break below could see a test of 750.40 and where as resistance is now likely to be seen at 754.00, a move above could see prices testing 755.40.

Trading Ideas:

NICKEL TRADING RANGE IS 725-77.

PNG'S RAMU NICKEL MINE OUTPUT DELAYED TO JUNE

BUY NICKEL NOV @750-756 SL 746 TGT 760-764.50-769.20-772.MCX

SELLING IS EXPECTED NEAR TO  770-780 LEVEL OVERALL WE TARGET 720 LEVEL.

U.S. NICKEL EXPORTS ROSE 263.0% IN SEPTEMBER FROM THE PREVIOUS MONTH

YESTERDAY LME STOCK FOR NICKEL CAME UP  BY 18

Commodity Analysis by Kedia Commodity, India's Premium Research House, Mumbai. Check out more commodity reviews at KediaCommodity. com