Russia's nickel output increased by 7% and nickel ore output increased by 15.6%, the state statistics committee reported. Nickel yesterday traded with the negative node and settled -0.64% down at 1019. Some support had been seen from the LME stock also which came down by -42mt, the total stock at LME is now at 157710mt. In yesterday's trading session nickel has touched the low of 998.4 after opening at 1024.6, and finally settled at 1019. For today's session market is looking to take support at 1003.4, a break below could see a test of 987.8 and where as resistance is now likely to be seen at 1029.6, a move above could see prices testing 1040.2. Spread between nickel MAR & APR contacts yesterday ended at 3.40, we have seen yesterday that the nickel market had traded with a negative node and settled -0.64% down. Spread yesterday traded in the range of -2.40 - 3.4.

Trading Ideas:

Nickel trading range is 987.8-1040.2.

Russia's nickel output increased by 7% and nickel ore output increased by 15.6%

Nickel is getting support at 1012.20 and resistance is at 1026.80.

Spread between nickel MAR & APR contracts traded in the range of -2.40 - 3.4.

BUY NICKEL MAR ABV 1018 SL 1012 TGT 1024-1030.MCX