Sumitomo Metal Mining Co Limited plans to up its nickel production by 23% and keep its copper output relatively unchanged in the 2010 Japanese fiscal year. Nickel has touched a low of Rs 1087.2 a kg after opening at Rs.1092.5, and last traded at Rs 1099.3.For today market is looking for the support at 1088.1, a break below could see a test of 1076.8 and where as resistance is now likely to be seen at 1109.7, a move above could see prices testing 1120.

Trading Ideas:

Nickel trading range is 1076.8-1120.

Sumitomo Metal to hike nickel output by 23pct in 2010 FY

Nickel is getting support at 1093.60 and resistance is at 1105.20.

Spread between nickel APR & MAY contracts yesterday traded in the range of 1.50 - 2.5.

NICKEL TO TRADE IN THE RANGE 1085-1105 ABV 1106 LOOK TILL 1120 LEVEL.