INSG projected a total production of 1.61 million tonnes in 2011. World primary nickel usage (consumption) was 1.24 million tonnes in 2009, and estimated to increase to 1.43 million tonnes in 2010. For 2011 an increase to around 1.53 million tonnes is expected. Nickel has touched a low of Rs 1038 a kg after opening at Rs.1065.5, and last traded at Rs 1068.6.For today market is looking for the support at 1047.7, a break below could see a test of 1026.9 and where as resistance is now likely to be seen at 1079.7, a move above could see prices testing 1090.9.

Trading Ideas:

Nickel trading range is 1026.9-1090.9.

INSG projected a total production of 1.61 million tonnes in 2011

Nickel is having resistance at 1079.7 and support at 1047.7 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 7.00 - 11.1.