Stockpiles of steel products in major Chinese cities fell again last week after more rolling mill shutdowns in Tangshan city in the northern province of Hebei. Nickel has touched a low of Rs 1030 a kg after opening at Rs.1037, and last traded at Rs 1032.3.For today market is looking for the support at 1028.6, a break below could see a test of 1024.9 and where as resistance is now likely to be seen at 1037.4, a move above could see prices testing 1042.5.

Trading Ideas:

Nickel trading range is 1024.9-1042.5.

China steel product stockpiles fall last week

Nickel is having resistance at 1040.80 and support at 1024.90 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 7.80 - 10.