Commodity Outlook for Nickel by KediaCommodity
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.