According to latest report released by World Bureau of Metal Statistic, nickel market was in surplus in the month of January 2010. The nickel market was in surplus during January 2010 with supply exceeding apparent demand 15,500 tonnes. Nickel has touched a low of Rs 1004 a kg after opening at Rs.1015, and last traded at Rs 1023.9.For today market is looking for the support at 1009.1, a break below could see a test of 994.4 and where as resistance is now likely to be seen at 1033.5, a move above could see prices testing 1043.2.

Trading Ideas:

Nickel trading range is 994.4-1043.2.

Nickel market in surplus in January - WBMS Report

Nickel is getting support at 1018.20 and resistance is at 1028.60.

Spread between nickel MAR & APR contracts yesterday ended at 2.40.

BUY NICKEL MAR @ 1018 SL 1012 TGT 1024-1030-1036.MCX