Zambian President Rupiah Banda will Friday officially reopen the country's sole nickel producer, Munali Nickel Mine, more than a year after it was closed due to low global nickel prices. Nickel has touched a low of Rs 1068.5 a kg after opening at Rs.1068.5, and last traded at Rs 1073.3.For today market is looking for the support at 1069.2, a break below could see a test of 1065.2 and where as resistance is now likely to be seen at 1076.6, a move above could see prices testing 1080.

Trading Ideas:

Nickel trading range is 1065.2-1080.

Zambia president reopens Munali nickel mine Friday

Nickel is getting support at 1058.20 and resistance is at 1078.60.

Spread between nickel MAR & APR contracts traded in the range of 0.70 - 2.5.

BUY NICKEL MAR @ 1070-1075 SL 1064 TGT 1080-1088-1096.MCX