Total refined nickel production in the first half of 2010 rose to 45,458 tonnes, 8% higher than the same period last year. Improved volumes were achieved by processing internally all of the feed from Xstrata Nickel Australasia to maximize downstream utilization at the integrated nickel operations. Nickel has touched a low of Rs 949.2 a kg after opening at Rs. 964, and last traded at Rs 954.2. For today market is looking for the support at 945.3, a break below could see a test of 936.3 and where as resistance is now likely to be seen at 967.1, a move above could see prices testing 979.9.

Trading Ideas:

Nickel trading range is 936.3-979.9.

Xstrata nickel production in the first half of 2010 rose to 45,458 tonnes

Nickel is getting support at 949.20 and resistance is at 960

Yesterday we have seen that open interest rose by 205 and volume fell by 19604 lots