Nickel prices globally are likely to top $30,000 a tonne by June, driven by escalating demand from the stainless steel industry amid tight supply. Nickel has touched a low of Rs 1176.3 a kg after opening at Rs.1194.6, and last traded at Rs 1207.4.For today market is looking for the support at 1185.6, a break below could see a test of 1163.7 and where as resistance is now likely to be seen at 1220, a move above could see prices testing 1232.5.

Trading Ideas:

Nickel trading range is 1163.7-1232.5.

Global nickel prices seen topping $30,000 a tonne by June

Nickel is getting support at 1201.80 and resistance is at 1213.60

Spread between nickel APR & MAY contracts yesterday traded in the range of -0.70 - 2.3.

SELL NICKEL APR @ 1210-1212 SL 1219 TGT 1205-1200-1194.MCX (LOW QTY)