European Nickel said it has suspended work on its flagship Caldag project in Turkey as it awaits a forestry permit and that a supply agreement with BHP Billiton has been terminated. Nickel has touched a low of Rs 1103.7 a kg after opening at Rs.1111.2, and last traded at Rs 1105.9.For today market is looking for the support at 1098.1, a break below could see a test of 1090.3 and where as resistance is now likely to be seen at 1119.3, a move above could see prices testing 1132.7.

Trading Ideas:

Nickel trading range is 1090.3-1132.7.

European nickel suspends work on Turkish mine

Nickel is having resistance at 1119.30 and support at 1098.10 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 6.50 - 10.5.