Minara Resources Ltd. said total first quarter nickel production at its Murrin Murrin operation in Western Australia state was 7,832 metric tons, up from 7,762 tons in the previous corresponding period. LME nickel inventories declined for the fifth consecutive day and are at their lowest since December 2009. Nickel has touched a low of Rs 1142.4 a kg after opening at Rs. 1142.4, and last traded at Rs 1164.3. For today market is looking for the support at 1149, a break below could see a test of 1133.8 and where as resistance is now likely to be seen at 1172.9, a move above could see prices testing 1181.6.

Trading Ideas:

Nickel trading range is 1133.8-1181.6.

Minara Resources nickel production at its Murrin operation was 7,832 metrictons

Nickel is getting support at 1156.20 and resistance is at 1172.80.

LME nickel inventories declined for fifth consecutive day and at lowest since December 2009

BUY NICKEL APR @ 1140-1145 SL 1132 TGT 1152-1158-1165.MCX