Jinchuan Group raised ex-works nickel prices by RMB 8,000/mt to RMB 153,000/mt on February 17th and raised ex-works nickel prices further by RMB 5,000/mt to RMB 158,000/mt on February 20th. Nickel has touched a low of Rs 938.1 a kg after opening at Rs.949.6, and last traded at Rs 941.5.For today market is looking for the support at 934.5, a break below could see a test of 927.4 and where as resistance is now likely to be seen at 952.2, a move above could see prices testing.952.2, a move above could see prices testing 962.8.

Trading Ideas:

Nickel trading range is 927.4-962.8.

Jinchuan Group raised ex-works nickel prices by RMB 5,000/mt to RMB 158,000/mt

Nickel is getting support at 934.50 and resistance is at 946.80.

Nickel FEB & MAR spread traded in the range of 1.50-3.10.

SELL NICKEL FEB @ 948-952 SL 956.80 TGT 944.60-940.20-936.20.MCX