Slower demand from the key stainless steel industry, rising supply and high inventories could put pressure on global nickel prices in the coming months. Nickel has touched a low of Rs 998.1 a kg after opening at Rs.1002.3, and last traded at Rs 999.

For today market is looking for the support at 997.1, a break below could see a test of 995.1 and where as resistance is now likely to be seen at 1002, a move above could see prices testing 1004.9.

Trading Ideas:

Nickel trading range is 995.1-1004.9.

Slower demand rising supply and high inventories likely to put pressure on nickel prices

Nickel is getting support at 995.10 and resistance is at 1004.90.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 6.60 - 7.9.