Zambia's sole nickel mine, Munali Nickel Mine, will resume operations on March 26 following its takeover by Chinese-owned Jinchuan Group Ltd., Zambia's minister of mines and minerals development, Maxwell Mwale, has said. Nickel has touched a low of Rs 986 a kg after opening at Rs.986, and last traded at Rs 995.1.For today market is looking for the support at 985.8, a break below could see a test of 976.6 and where as resistance is now likely to be seen at 1004.5, a move above could see prices testing 1014.

Trading Ideas:

Nickel trading range is 976.6-1014.

Zambia munali nickel mine to reopens on March 26

Nickel is getting support at 990.20 and resistance is at 999.60.

Spread between nickel MAR & APR contracts yesterday traded in the range of 3.20 - 4.

BUY NICKEL MAR @ 990-994 SL 984.50 TGT 998.20-1002-1008.MCX