In Shanghai nickel market, Jinchuan Group lifted nickel ex-works prices by RMB 2,000/mt to RMB 128,000/mt, helping limit the low-end traded prices for goods from Jinchuan Group, but also squeezing profit margins for market players. Nickel has touched a low of Rs 805.5 a kg after opening at Rs. 806.4, and last traded at Rs 808.8.

For today market is looking for the support at 806.50, a break below could see a test of 804.20 and where as resistance is now likely to be seen at 810.00, a move above could see prices testing
811.20.

Trading Ideas:

NICKEL TRADING RANGE IS 785-825.

IN SHANGHAI NICKEL MARKET, JINCHUAN GROUP LIFTED NICKEL EX-WORKS PRICES

AS WE HAVE EXPECTED THAT NICKEL ABV 790 LOOK BULLISH, FOR THIS WEEK WE LOOK TILL 818 LEVEL.

RESISTANCE FOR NICKEL IS AT 813.40 AND SUPPORT IS AT 803.70.

BUY NICKEL DEC @ 805-806 SL 800 TGT 808.20-810.50-813.60-816.MCX