Australia's second-largest nickel miner, Minara Resources said it aims to conduct and complete plant maintenance shut down in October and kept its 2010 production guidance unchanged. Minara still hopes to yield in the lower range of between 30,000 and 34,000 tonnes of nickel from its Murrin Murrin joint venture in west Australia, where January-June output was reduced because of a pipeline breakdown in May. Nickel has touched a low of Rs 983.7 a kg after opening at Rs.983.7, and last traded at Rs 996.8.For today market is looking for the support at 985, a break below could see a test of 973.1 and where as resistance is now likely to be seen at 1007.4, a move above could see prices testing 1017.9.

Trading Ideas:

Nickel trading range is 973.1-1017.9.

Minara holds nickel output guidance at 30-34,000/t

Nickel is getting support at 990.20 and resistance is at 1001.80.

Yesterday we have seen that interest has rose by1484 and volume by 8566 lots