Nickel demand growth in China, the world's biggest consumer, will slow this year as stainless steel production cools and as competition persists from lower-cost alternatives. Nickel has touched a low of Rs 1006.1 a kg after opening at Rs.1007, and last traded at Rs 1010.2.For today market is looking for the support at 1006.9, a break below could see a test of 1003.5 and where as resistance is now likely to be seen at 1012.8, a move above could see prices testing 1015.3.

Trading Ideas:

Nickel trading range is 1003.5-1015.3.

Nickel demand growth in China will slow this year

Nickel is getting support at 1006.90 and resistance is at 1015.30.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 7.50 - 8.8.