The global nickel market was in a 6,800 metric ton deficit between January and October this year, the World Bureau of Metal Statistics said. Nickel has touched a low of Rs 1101.8 a kg after opening at Rs. 1112.6, and last traded at Rs 1121.2. For today market is looking for the support at 1107.2, a break below could see a test of 1093.2 and where as resistance is now likely to be seen at 1129.8, a move above could see prices testing 1138.4.

Trading Ideas:

Nickel trading range is 1093.2-1138.4.

Global nickel market in 6,800-ton deficit Jan-Oct - WBMS

Nickel is having resistance at 1129.80 and support at 1107.20 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 7.40 - 8.9.