Jinchuan Group has slashed its benchmark nickel price by over 2% as LME prices plunge and domestic sales weaken. China's largest nickel producer has cut its benchmark offer for the first time this year, to
213,000. Nickel has touched a low of Rs 1280.3 a kg after opening at Rs. 1283.8, and last traded at Rs 1285.8. For today market is looking for the support at 1281.5, a break below could see a test of 1277.3 and where as resistance is now likely to be seen at 1288.8, a move above could see prices testing 1291.9.

Trading Ideas:

Nickel trading range is 1277.3-1291.9.

Jinchuan cuts nickel price for first time this year

Nickel looks to take support at 1270 and resistance is at 1300 level

Spread between nickel MAR & APR contracts yesterday traded in the range of 5.10 - 8.7.

YESTERDAY LME STOCK FOR NICKEL CAME UP BY 780