Nickel supplies are more than ample to satisfy patchy demand and the market is heading for surplus again this year. The market is still over supplied and more capacity is coming on stream with production set to rise further in the second half of the year. Nickel has touched a low of Rs 917.2 a kg after opening at Rs.919, and last traded at Rs 919.For today market is looking for the support at 917.2, a break below could see a test of 915.5 and where as resistance is now likely to be seen at 920.7, a move above could see prices testing 922.5.

Trading Ideas:

Nickel trading range is 915.5-922.5.

Nickel supplies are more than ample to satisfy patchy demand

Nickel is getting support at 912.80 and resistance is at 926.20

Spread between nickel JUN & JUL contracts traded in the range of 1.40 - 2.4.

BUY NICKEL JUNE @ 910-912 SL 904 TGT 917-922-928.MCX