The global nickel market is heading for another big surplus this year even if, as many expect, demand from the stainless steel industry starts to recover in the second quarter. LME nickel stocks continued their relentless climb and by late December they had surpassed the November 1994 historic high of 151,254 tonnes.

Nickel has touched a low of Rs 848 a kg after opening at Rs. 853.2, and last traded at Rs 861.5. For today market is looking for the support at 852.30, a break below could see a test of 843.10 and where as resistance is now likely to be seen at 866.30, a move above could see prices testing 871.10.

Trading Ideas:

Nickel trading range is 845-875.

The global nickel market is heading for another big surplus this year

LME nickel stocks continued their climb and surpassed the 1994 historic high of 151,254 tonnes.

Support for nickel is seen at 852.20 and resistance is at 865.60 level.

BUY NICKEL JAN @ 855 SL 848 TGT 860-866.50-870-875.MCX