Russia's OAO Norilsk Nickel the world's largest nickel producer by production volumes, said nickel output in 2009 fell 5.6% on the year to 282,894 metric tons. In 2010, Norilsk said it expects to produce about 234,000 tons of nickel at its Russian operations and between 65,000 and 75,000 tons of nickel at the Norilsk Nickel International operations. Nickel has touched a low of Rs 857.6 a kg after opening at Rs.857.6, and last traded at Rs 859.7.For today market is looking for the support at 857.20, a break below could see a test of 854.70 and where as resistance is now likely to be seen at 862.50, a move above could see prices testing 865.30.

Trading Ideas:

Nickel trading range is 845-875.

Russia's Norilsk Nickel said nickel output in 2009 fell 5.6% on the year to 282,894 metric tons

Nickel is getting resistance at 863.80 and support at 854.60.

Nickel bucked the trend as the risk of another nickel mine strike sparked buying.

SELL NICKEL FEB @ 855 SL 864 TGT 851-847.50-844-838.MCX