A threat of substantial oversupply looms in the global nickel market as strong prices encourage higher output and demand is lacklustre. Nickel has touched a low of Rs 959.5 a kg after opening at Rs.969.2, and last traded at Rs 986.7.For today market is looking for the support at 964.5, a break below could see a test of 942.4 and where as resistance is now likely to be seen at 1003.8, a move above could see prices testing 1021.

Trading Ideas:

Nickel trading range is 942.4-1021.

A threat of substantial oversupply looms in the global nickel market

Nickel is having resistance at 998.20 and support at 972.40 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.60 - 10.8.