China's real nickel consumption growth will slow to between 2 to 4 percent next year, from 12 percent this year, as demand from an oversupplied stainless steel sector slows. China, which consumes about a quarter of the world's nickel and is the world's top stainless steel producer, may use 510,000-520,000 tonnes of nickel in 2011, up from 500,000 tonnes in 2010.

Nickel has touched a low of Rs 1063.3 a kg after opening at Rs. 1066.5, and last traded at Rs 1066.9. For today market is looking for the support at 1063.5, a break below could see a test of 1060.1 and where as resistance is now likely to be seen at 1070.1, a move above could see prices testing 1073.3.

Trading Ideas: Nickel trading range is 1060.1-1073.3. China nickel demand growth to slow sharply in 2011 Nickel is having resistance at 1074.80 and support at 1058.20 level. Spread between nickel DEC & JAN contracts yesterday traded in the range of 7.50 - 10.