Commodity Outlook for Nickel by KediaCommodity

NickelGlobal demand and prices for stainless steel should rise next year, bolstered by growth in Asia, recovery in mature economies and less destocking by distributors. Nickel has touched a low of Rs 990.1 a kg after opening at Rs.991.1, and last traded at Rs 1024.For today market is looking for the support at 1000.6, a break below could see a test of 977.1 and where as resistance is now likely to be seen at 1037, a move above could see prices testing 1049.9.

Trading Ideas:

Nickel trading range is 977.1-1049.9.

Global demand and prices for stainless steel should rise next year

Nickel is having resistance at 1037 and support at 1012 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 8.90 - 13.7.