Jinchuan Group Co. raised its refined nickel price by CNY3,000 ($443) to CNY164,000 a metric ton effective Tuesday. The raise came just one day after a similar price increase as nickel prices surge on the London Metal Exchange. Nickel has touched a low of Rs 993.6 a kg after opening at Rs.1004, and last traded at Rs 1000.2.For today market is looking for the support at 991.2, a break below could see a test of 982.1 and where as resistance is now likely to be seen at 1011.7, a move above could see prices testing 1023.1.

Trading Ideas:

Nickel trading range is 982.1-1023.1.

Jinchuan Group Co. raised its refined nickel price by CNY3,000

Nickel is getting support at 994.80 and resistance is at 1007.20.

Yesterday we have seen open interest rose by 1786 and volume fell by 611 lots