Vale Inco, a subsidiary of Brazilian mining company Vale SA has shut its Copper Cliff nickel refinery in Sudbury, Ontario, following a partial collapse of a chimney stack. Nickel has touched a low of Rs 998.6 a kg after opening at Rs.1021, and last traded at Rs 1017.5.For today market is looking for the support at 994.5, a break below could see a test of 971.5 and where as resistance is now likely to be seen at 1044.6, a move above could see prices testing 1071.7.

Trading Ideas:

Nickel trading range is 971.5-1071.7.

Vale Inco has shut its Copper Cliff nickel refinery following partial collapse of chimney stack.

Nickel is getting support at 1012.80 and resistance is at 1023.20

Russia Jan-Mar nickel exports stable on year at 51,000 tons

BUY NICKEL MAY ABV 1020 SL 1008 TGT 1028-1036-1045.MCX