Brazilian mining giant Vale has started production at its Goro nickel mining project in New Caledonia in the South Pacific. Nickel has touched a low of Rs 1012.1 a kg after opening at Rs.1037.9, and last traded at Rs 1015.5.For today market is looking for the support at 1005.1, a break below could see a test of 994.6 and where as resistance is now likely to be seen at 1033, a move above could see prices testing 1050.4.

Trading Ideas:

Nickel trading range is 994.6-1050.4.

Brazil Vale starts production at Goro nickel mine

Nickel is getting support at 1009.60 and resistance is at 1020.80.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 6.60 - 6.9.