Australia's nickel production will rise 15% to 188,000 tons over the coming year due to the ramp-up of Western Areas N.L.'s Flying Fox and Spotted Quoll mines. Nickel has touched a low of Rs 1026.5 a kg after opening at Rs.1059, and last traded at Rs 1028.2.For today market is looking for the support at 1016.8, a break below could see a test of 1005.4 and where as resistance is now likely to be seen at 1049.3, a move above could see prices testing 1070.4.

Trading Ideas:

Nickel trading range is 1005.4-1070.4.

Australia's nickel production to rise 15% in 2011 - Abare

Nickel is getting support at 1022.20 and resistance is at 1035.80.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 4.50 - 8.6.