Russia's Norilsk Nickel, the world's largest nickel and palladium producer, boosted nickel production in the first nine months of 2010 by 6 percent year on year. Nickel has touched a low of Rs 1043.1 a kg after opening at Rs.1046.9, and last traded at Rs 1051.6.For today market is looking for the support at 1041.2, a break below could see a test of 1030.9 and where as resistance is now likely to be seen at 1063.8, a move above could see prices testing 1076.1.

Trading Ideas:

Nickel trading range is 1030.9-1076.1.

Norilsk Jan-Sept nickel output up 6 pct yr/yr

Nickel is having resistance at 1063.80 and support at 1041.20 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 8.80 - 11.4.