The world nickel market was in a deficit of 19,000 metric tons between January and November 2009, the World Bureau of Metal Statistics said. Refined production for the first 11 months of the year totaled 1.182 million tons and demand was 1.201 million tons. In November, nickel smelter production was 101,700 tons and consumption was 95,000 tons.

Nickel has touched a low of Rs 864.2 a kg after opening at Rs. 883.1, and last traded at Rs 869.7. For today market is looking for the support at 861.50, a break below could see a test of 853.40 and where as resistance is now likely to be seen at 880.40, a move above could see prices testing 891.20.

Trading Ideas:

Nickel trading range is 850-885.

World nickel market was in a deficit of 19,000MT between Jan to Nov

Refined production for the first 11 months of the year totaled 1.182 million tons

Support for nickel is seen at 865.40 and resistance is at 874.20 level.

NICKEL WILL WAIT TO TAKE POSTION ON DIP TILL 856 LEVEL