The Nickel markets were in deficit of 20100 tonnes during Jan-Nov 2010 that compared to a surplus of 14300 tonnes during Jan-Nov 2009. The report from WBMS showed, refined production in January to December 2009 totalled 1326.9 kt and demand was 1299 kt.

Nickel yesterday traded with the positive node and settled 0.56% up at 1179.9. Some support had been seen from the LME stock also which came down by -114mt, the total stock at LME is now at 137124mt. In yesterday's trading session nickel has touched the low of 1157.3 after opening at 1175.9, and finally settled at 1179.9. For today's session market is looking to take support at 1164.1, a break below could see a test of 1148.4 and where as resistance is now likely to be seen at 1188.8, a move above could see prices testing 1197.8.

Trading Ideas:

Nickel trading range is 1148.4-1197.8.

Nickel markets were in deficit of 20100 tonnes during Jan-Nov 2010 - WBMS.

Nickel looks to take support at 1168 and resistance is at 1192 level.

Spread between nickel JAN & FEB contracts yesterday traded in the range of 8.60 - 9.7.

BUY NICKEL JAN @ 1168-1170 SL 1163 TGT 1176-1182-1188.MCX