According to data from CNIA, China's output of refined nickel in April was 13 kt, up 4.14% MoM, but down 2.72% YoY. Output remains stable. Nickel has touched a low of Rs 956.4 a kg after opening at Rs.984, and last traded at Rs 964.8.For today market is looking for the support at 952.8, a break below could see a test of 940.8 and where as resistance is now likely to be seen at 980.4, a move above could see prices testing 996.

Trading Ideas:

Nickel trading range is 973.9-1000.9.

China's output of refined nickel in April was 13 kt, up 4.14% MoM

Nickel is getting support at 958.20 and resistance is at 969.80

Yesterday we have seen that open interest rose by 2363 and volume by 49847

SELL NICKEL JUNE BELOW 962 SL 972 TGT 956-952-945.MCX