Brazil's Vale SA the world's biggest iron ore producer, is aiming also to become the world's biggest nickel producer, overtaking Norilsk Nickel Mining & Metallurgical Co. Vale's aim is to boost its nickel metal output to 400,000 metric tons a year. Nickel has touched a low of Rs 1038.1 a kg after opening at Rs. 1068, and last traded at Rs 1043.4. For today market is looking for the support at 1029.3, a break below could see a test of 1015.1 and where as resistance is now likely to be seen at 1066.4, a move above could see prices testing 1089.3. Trading Ideas:

Nickel trading range is 1015.1-1089.3.

Brazil's Vale aims to become biggest nickel producer

Nickel is having resistance at 1052.4 and support at 1036.3 level.

Spread between nickel OCT & NOV contracts yesterday ended at 11.30.