Commodity Outlook for Nickel by KediaCommodity

NickelChina Minmetals Corp is considering whether to reopen the Avebury nickel mine in Australia. Avebury nickel mine produced 2,000 tons of nickel in 2008 but was shut down in 2009 because of low nickel prices. Nickel has touched a low of Rs 1184 a kg after opening at Rs.1184.7, and last traded at Rs 1185.4.For today market is looking for the support at 1183.7, a break below could see a test of 1182 and where as resistance is now likely to be seen at 1187.4, a move above could see prices testing 1189.4.

Trading Ideas:

Nickel trading range is 1182-1189.4.

Minmetals may reopen nickel mine in Australia

Nickel is getting support at 1178.60 and resistance is at 1191.80

Jinchuan Group raised ex-works nickel prices by RMB 10,000/mt on April 16th

SELL NICKEL APR BELOW 1175 SL 1185 TGT 1170.50-1166.50-1162.MCX