Weak domestic demand was weighing on Chinese nickel prices, encouraging merchants to re-export bonded nickel stocks, estimated at more than 30,000 tonnes now, or more than 1.5 times China's imports in October. Nickel has touched a low of Rs 1051.2 a kg after opening at Rs.1068, and last traded at Rs 1066.4.For today market is looking for the support at 1053.4, a break below could see a test of 1040.4 and where as resistance is now likely to be seen at 1077.2, a move above could see prices testing 1088.

Trading Ideas:

Nickel trading range is 1040.4-1088.

Weak domestic demand was weighing on Chinese nickel prices

Nickel is having resistance at 1077.20 and support at 1053.40 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 9.30 - 10.8.