Vale Inc. said Friday the No. 2 furnace at its Copper Cliff nickel smelter in Sudbury, Ont., will be shut for 16 weeks for repairs "due to a problem." The company said the shutdown means 15,000 tonnes of refined nickel production or five per cent of the total 2011 planned output, will be lost. Nickel has touched a low of Rs 1311.5 a kg after opening at Rs.1315.3, and last traded at Rs 1314.2.For today market is looking for the support at 1312, a break below could see a test of 1309.9 and where as resistance is now likely to be seen at 1315.8, a move above could see prices testing 1317.5.

Trading Ideas:

Nickel trading range is 1309.9-1317.5.

Vale Inc. said furnace at its Copper Cliff nickel smelter in Sudbury, Ont., will be shut for 16 weeks

Nickel looks to take support at 1302 and resistance is at 1328 level

Supply-side concerns in the nickel market gave a boost to the broader base complex.

BUY NICKEL FEB @ 1300-1305 SL 1297 TGT 1310-1318-1326.MCX

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -528