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Vale and union leaders at its Sudbury mining operations must resume talks aimed at ending a 10-month strike. Nickel has touched a low of Rs 938.7 a kg after opening at Rs. 955, and last traded at Rs 995.8. For today market is looking for the support at 954.5, a break below could see a test of 913.1 and where as resistance is now likely to be seen at 1021.4, a move above could see prices testing 1046.9.

Trading Ideas:

Nickel trading range is 913.1-1046.9.

Vale, Sudbury union ordered back to bargaining

Mitsui Mining & Smelting Co. said Tuesday it lowered its zinc selling price by Y15,000 to Y220,000 a metric ton. This will bring the average zinc selling price for May to Y227,800. Zinc yesterday we have seen that market has moved 1.47%. Market has opened at 85.3 & made a low of 85.1 versus the day high of 88.45.

The total volume for the day was at 34476 lots and the open interest was at 6899. Now support for the zinc is seen at 85 and below could see a test of 83.4. Resistance is now likely to be seen at 88.3, a move above could see prices testing 90.1.

Copper regained their footing as nerves calmed a bit about the euro-zone debt crisis. Participants bought back previously sold positions after the metal lost heavily Monday. Inventories of copper stored in LME warehouses fell
1,025 metric tons, leaving them at 483,150. The most recent Comex inventory data, released late Monday afternoon, were unchanged at 101,242 short tons.

Oil prices ended lower in a late-session sell-off that erased earlier gains, as the dollar shrugged off initial weakness and resumed its upward move against the euro. Expectation for another build-up in US crude inventories also exerted downward pressure on the prices.

Gold slumped in the absence of fresh safe-haven buying as concern about the euro-zone debt crisis abated for the moment. Gold opened the day on its high at 18250. After dipping to a low of 17916, the metal exploited weakness in the dollar to rebound near the bell. Gold continued its ascent through the day beginning a steady retreat to eventually close at 18008. Now support for the gold MCX is seen at 17866 and below could see a test of 17724. Resistance is now likely to be seen at 18200, a move above could see prices testing 18392.

Trading Ideas:

Gold trading range is 17724-18392.

Gold yesterday ended down on profit booking by traders.