Commissioning of new projects and ramp up of production is expected to increase Nickel production in the year 2010. The latest report from International Nickel Study Group (INSG) suggested that the Nickel production would be at 1.43 million tonnes in 2010. Nickel yesterday traded with the positive node and settled 0.48% up at 1069. Some support had been seen from the LME stock also which came down by -120mt, the total stock at LME is now at 124056mt. In yesterday's trading session nickel has touched the low of 1064.3 after opening at 1064.4, and finally settled at 1069. For today's session market is looking to take support at 1065.6, a break below could see a test of 1062.1 and where as resistance is now likely to be seen at 1071.2, a move above could see prices testing 1073.3.

Trading Ideas:

Nickel trading range is 1062.1-1073.3.

INSG suggested that the Nickel production would be at 1.43 million tonnes in 2010

Nickel is having resistance at 1070.6 and support at 1055.8 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 9.20 - 10.