Nickel slumped to the lowest price in almost 10 weeks on expectations that supplies expanding at the fastest pace in a decade will overwhelm demand. Global production will jump 6.8 percent, the most since 2000, according to Bank of America Merrill Lynch. Nickel has touched a low of Rs 941.7 a kg after opening at Rs.1015.9, and last traded at Rs 997.7.For today market is looking for the support at 949.3, a break below could see a test of 900.8 and where as resistance is now likely to be seen at 1038.6, a move above could see prices testing 1079.4.

Trading Ideas:

Nickel trading range is 900.8-1079.4.

Nickel yesterday also extends its weak trend as supply expands

Nickel is getting support at 991.20 and resistance is at 1003.80

Global production will jump 6.8 percent, the most since 2000

SELL NICKEL MAY BELOW 995 SL 1003 TGT 990-984-978.MCX