China'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.