Nickel may stay in surplus in 2010 as China's output climbs. Global production of the metal, used to increase the corrosion-resistance of stainless steel, may exceed demand by 21,000 metric tons, compared with a surplus of 37,000 tons in 2009. Nickel has touched a low of Rs 1201.9 a kg after opening at Rs.1201.9, and last traded at Rs 1204.For today market is looking for the support at 1199.1, a break below could see a test of 1194.2 and where as resistance is now likely to be seen at 1211.7, a move above could see prices testing 1219.4.

Trading Ideas:

Nickel trading range is 1194.2-1219.4.

Nickel supply may stay in surplus this year - Antaike

Nickel is getting support at 1196.80 and resistance is at 1210.20

Spread between nickel APR & MAY contracts yesterday ended 0.80.

SELL NICKEL APR BELOW 1199 SL 1205 TGT 1194.20-1190.40-1187.MCX

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -870