Lundin Mining Corp. said it has been notified of possible strike action at its Aguablanca nickel-copper mine in Spain and this, combined with recent heavy rains, has led it to reduce its guidance for the operation's 2010 production. Nickel has touched a low of Rs 948.3 a kg after opening at Rs.953.6, and last traded at Rs 959.1.For today market is looking for the support at 949.7, a break below could see a test of 940.2 and where as resistance is now likely to be seen at 967.2, a move above could see prices testing 975.2.

Trading Ideas:

Nickel trading range is 940.2-975.2.

Possible strike from July 31 at Aguablanca nickel

Nickel is getting support at 953.20 and resistance is at 967.20.

Spread between nickel JUL & AUG contracts yesterday traded in the range of 7.20 - 9.2.