Stockpiles of steel products in major Chinese cities fell again last week as overall steelmaking capacity in northern Hebei province has yet to fully recover, with a large number of small mills still operating at partial capacity because of energy-saving shutdowns. Nickel has touched a low of Rs 1067 a kg after opening at Rs.1068.9, and last traded at Rs 1072.6.For today market is looking for the support at 1064.5, a break below could see a test of 1056.3 and where as resistance is now likely to be seen at 1083.3, a move above could see prices testing 1093.9.

Trading Ideas:

Nickel trading range is 1056.3-1093.9.

China steel product stockpiles down last week

Nickel is having resistance at 1083.30 and support at 1056.30 level.

Yesterday we have seen open interest fell by 875 and volume rose by 2323 lots