According to news from INSG, global consumption of nickel in January increased significantly due to robust rebound of demand from stainless steel industry in the US. Global nickel consumptions in January were 112.4 kt, up 39% YoY and up 5.5% MoM. Nickel consumption increased most in the US and the US nickel consumption increased by 27% to 18 kt in January, while nickel consumption in the EU increased by 5% MoM, and increased by 2% in Asia. Nickel has touched a low of Rs 1007.2 a kg after opening at Rs.1023.8, and last traded at Rs 1013.6.For today market is looking for the support at 1005.9, a break below could see a test of 998.3 and where as resistance is now likely to be seen at 1022.5, a move above could see prices testing 1031.5.

Trading Ideas:

Nickel trading range is 998.3-1031.5.

Global Nickel Supply Shortage Expands - INSG

Nickel is getting support at 1007.80 and resistance is at 1019.80.

Spread between nickel MAR & APR contracts yesterday ended at 1.80.

SELL NICKEL MAR @ 1020-1022 SL 1028 TGT 1016-1012.20-1007.MCX