The global nickel market was in a 63,000-metric-ton deficit between January and August this year, the World Bureau of Metal Statistics said. That compares with a 4,700-ton deficit in the same period 2009, and with a surplus of 28,100 tons in the whole of 2009, which includes substantial imports by China, some destined for re-stocking purposes. Nickel has touched a low of Rs 1040.5 a kg after opening at Rs.1040.5, and last traded at Rs 1042.8.For today market is looking for the support at 1040.6, a break below could see a test of 1038.5 and where as resistance is now likely to be seen at 1044.8, a move above could see prices testing 1046.9.

Trading Ideas:

Nickel trading range is 1038.5-1046.9.

World nickel market in 63,000-ton deficit January-August - WBMS

Nickel is having resistance at 1050.20 and support at 1034.30 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 11.90 - 16.7.