The world nickel market was in a surplus of 11,000 metric tons in January to March, the World Bureau of Metal Statistics said. World nickel production was 339,400 tons, and consumption was 328,800 tons, up 22% compared with the same period a year ago. Nickel has touched a low of Rs 961.2 a kg after opening at Rs.990.2, and last traded at Rs 993.5.For today market is looking for the support at 971.1, a break below could see a test of 948.8 and where as resistance is now likely to be seen at 1005.9, a move above could see prices testing 1018.4.

Trading Ideas:

Nickel trading range is 948.8-1018.4.

The world nickel market was in a surplus of 11,000 metric tons in January to March

Nickel is getting support at 986.80 and resistance is at 999.20

Spread between nickel MAY & JUN contracts yesterday traded in the range of -0.10 - 4.8.

NICKEL ABOVE 1000 MARK CAN TEST 1020-1025 LEVEL. WAIT FOR ENTRY.