China's Jinchuan Group Ltd. has revived negotiations to develop the Nonoc nickel mines in the southern Philippines region of Mindanao and construct a refinery at the mine site. Nickel has touched a low of Rs 1067.2 a kg after opening at Rs.1073.1, and last traded at Rs 1077.7.For today market is looking for the support at 1069, a break below could see a test of 1060.4 and where as resistance is now likely to be seen at 1084.5, a move above could see prices testing 1091.4.

Trading Ideas:

Nickel trading range is 1060.4-1091.4.

China's Jinchuan Group Ltd. has revived negotiations to develop the Nonoc nickel mines

Nickel is getting support at 1069 and resistance is at 1084.50.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 5.40 - 8.8.