Vale SA, the world's fourth-biggest nickel producer, said it started negotiations with striking workers at its mining and milling operation at Voisey's Bay in Canada. Nickel has touched a low of Rs 998.2 a kg after opening at Rs.1008.2, and last traded at Rs 1010.6.For today market is looking for the support at 999.6, a break below could see a test of 988.7 and where as resistance is now likely to be seen at 1020.1, a move above could see prices testing 1029.7.

Trading Ideas:

Nickel trading range is 988.7-1029.7.

Vale starts talks with striking nickel workers at Voisey's Bay  

Nickel is getting support at 1004.20 and resistance is at 1016.80

Spread between nickel MAY & JUN contracts yesterday traded in the range of 2.70 - 6.3.

WAIT FOR FRESH ENTRY IN NICKEL OVERALL ABV 1000 MARK LOOK TILL 1035 LEVEL.