Nickel yesterday traded with the range bound node and settled 0% flat at 1064.5. The global nickel market was in supply deficit by 9,300 tonnes in the first five months of 2011, the latest monthly bulletin from Lisbon-based International Nickel Study Group (INSG) showed. In yesterday's trading session nickel has touched the low of 1063.2 after opening at 1065.7, and finally settled at 1064.5. For today's session market is looking to take support at 1062.9, a break below could see a test of 1061.3 and where as resistance is now likely to be seen at 1066.4, a move above could see prices testing 1068.3.

Trading Ideas:

Nickel trading range is 1061.3-1068.3.

Nickel market in 9,300 T deficit in Jan-May'11-INSG

Western Australia's nickel miner Areas sees 2011/12 nickel output at 25,000-27,000T

Spread between nickel JUL & AUG contracts yesterday traded in the range of 7.30 - 8.2.