China's Jinchuan Group Co. has cut its refined nickel price by CNY12,000 ($1,757) to CNY156,000 a metric ton. The 7% reduction in price came as nickel prices on the London Metal Exchange tumbled to three-month lows Friday on the back of disappointing U.S. jobs data and continued concerns about the fiscal health of European economies. Nickel has touched a low of Rs 823.6 a kg after opening at Rs.852, and last traded at Rs 872.For today market is looking for the support at 838.6, a break below could see a test of 805.3 and where as resistance is now likely to be seen at 890.3, a move above could see prices testing 908.7.

Trading Ideas:

Nickel trading range is 805.3-908.7.

China's Jinchuan Group Co. has cut its refined nickel price by CNY12,000

Nickel is getting support at 866.20 and resistance is at 879.60

Spread between nickel JUN & JUL contracts yesterday traded in the range of 0.30 - 2.5.

BUY NICKEL JUNE @ 850-855 SL 838 TGT 868-876-888.MCX