Australian miner Western Areas NL reported record nickel output of 6,278 tonnes for July and August, ahead of its forecasts, and said it was confident of producing 25,000 tonnes for the year to June 2011 from its Flying Fox and Spotted Quoll mines. Nickel has touched a low of Rs 1010 a kg after opening at Rs.1031.5, and last traded at Rs 1035.9.For today market is looking for the support at 1017.5, a break below could see a test of 999 and where as resistance is now likely to be seen at 1046.9, a move above could see prices testing 1057.8.

Trading Ideas:

Nickel trading range is 999-1057.8.

Australia's Western Areas hits record nickel output

Nickel is getting support at 1028.80 and resistance is at 1040.20.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 2.80 - 8.