Papua New Guinea's Ramu Nickel Mine, majority owned by China's Ramu Nico Management, will commence production in 2011 working up to an annualised rate of 31,150 tonnes of nickel and 3,300 tonnes of cobalt. Nickel has touched a low of Rs 1083 a kg after opening at Rs.1083, and last traded at Rs 1085.1.For today market is looking for the support at 1082.1, a break below could see a test of 1079 and where as resistance is now likely to be seen at 1089.1, a move above could see prices testing 1093.

Trading Ideas:

Nickel trading range is 1079-1093.

PNG's Ramu nickel mine seen starting production in 2011

Nickel is having resistance at 1093.40 and support at 1075.80 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 9.30 - 16.3.