Jinchuan Group has forecast to produce 1.2 million tonnes of nickel ore annually in the next two years at its Zambian unit. Underground production of nickel is set for January 2010 after the completion of restarting preliminary works on the country’s sole nickel producer are completed at the end of this month. Nickel has touched a low of Rs 830.1 a kg after opening at Rs.832.9, and last traded at Rs 853.4.For today market is looking for the support at 835.80, a break below could see a test of 818.20 and where as resistance is now likely to be seen at 865.20, a move above could see prices testing 877.00.

Trading Ideas:

NICKEL TRADING RANGE IS 830-870.

JINCHUAN TO PRODUCE MORE THAN 1 MILLION TONNES OF NICKEL ORE ANNUALLY

NICKEL AS PER EXPECTATION LOOKING TO TOUCH 870 LEVEL SOON AND SUPPORT IS NOW AT 840 LEVEL.

TAX HIKE IN RUSSIAN GOVT AND STEEL DEMAND IS HOLDING THE NICKEL PRICES NO THE HIGH

BUY NICKEL DEC @ 850-854 SL 844 TGT 859-862.80-866-870.MCX