According to data from China's Customs, China's imports of refined nickel in March were 19.14 kt, up 56.36% MoM. The significant increase is mainly attributed to the gradually higher and even positive domestic/LME nickel price ratio before the Chinese New Year holiday in February, which is favorable for imports of reined nickel. Nickel has touched a low of Rs 1195.5 a kg after opening at Rs.1196, and last traded at Rs 1198.7.For today market is looking for the support at 1195.5, a break below could see a test of 1192.3 and where as resistance is now likely to be seen at 1201.9, a move above could see prices testing 1205.1.

Trading Ideas:

Nickel trading range is 1192.3-1205.1.

China's imports of nickel up in March

Nickel is getting support at 1182.60 and resistance is at 1205.80

Spread between nickel APR & MAY contracts yesterday traded in the range of -0.20 - 1.6.

BUY NICKEL APR ABV 1200 SL 1194 TGT 1208-1216-1220.MCX