Sumitomo Metal Mining Co. Ltd. plans to up its nickel production by 23%.  Sumitomo aims to produce 41,000 metric tons of nickel. Nickel has touched a low of Rs 1120 a kg after opening at Rs.1121, and last traded at Rs 1129.5.For today market is looking for the support at 1122.2, a break below could see a test of 1114.8 and where as resistance is now likely to be seen at 1134.7, a move above could see prices testing 1139.8.

Trading Ideas:

Nickel trading range is 1114.8-1139.8.

Sumitomo Metal Mining Co. Ltd. plans to up its nickel production

Nickel is getting support at 1124.60 and resistance is at 1135.80.

Spread between nickel APR & MAY contracts traded in the range of 1.70 - 4.

BUY NICKEL APR @ 1114-1118 SL 1107 TGT 1123-1128.50-1136.MCX