Commodity Outlook for Nickel by Kedia Commodity

NickelChina's nickel consumption is set to rise in 2011, fuelled by rising stainless steel capacity and higher demand from the automobile and electronics sectors. Nickel has touched a low of Rs 1073 a kg after opening at Rs. 1082.1, and last traded at Rs 1075.7. For today market is looking for the support at 1070.2, a break below could see a test of 1064.8 and where as resistance is now likely to be seen at 1083.9, a move above could see prices testing 1092.2.

Trading Ideas:

Nickel trading range is 1064.8-1092.2.

China's nickel consumption is set to rise in 2011

Nickel is having resistance at 1083.90 and support at 1070.20 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 2.90 - 10.5.