Australia's Mincor Resources has started a study into reopening of its Miitel nickel mine as prices for the steel alloying metal rise. Mincor suspended mining at the facility in December 2008 after seven years of operation, as demand for the metal used to give stainless steel its shine, waned and prices bottomed out. Nickel has touched a low of Rs 1112 a kg after opening at Rs.1116, and last traded at Rs 1113.1.For today market is looking for the support at 1111.4, a break below could see a test of 1109.7 and where as resistance is now likely to be seen at 1115.4, a move above could see prices testing 1117.7.

Trading Ideas:

Nickel trading range is 1109.7-1117.7.

Mincor looking to reopen Miitel nickel mine

Nickel is getting support at 1108.60 and resistance is at 1118.20.

Spread between nickel APR & MAY contracts ended at 1.80.

BUY NICKEL APR ABV 1115 SL 1108 TGT 1119-1123.50-1129.MCX