Premiums for physical nickel in Europe will likely come under pressure following a tentative agreement to end a year-long strike at Vale's Sudbury, Ontario, mining operations.
Nickel has touched a low of Rs 910 a kg after opening at Rs.910.2, and last traded at Rs 911.7.
For today market is looking for the support at 910.4, a break below could see a test of 909.2 and where as resistance is now likely to be seen at 912.5, a move above could see prices testing 913.4.
Trading Ideas:
Nickel trading range is 908.7-912.9.
Nickel set for dip on Vale, but not quickly
Nickel is getting support at 906.20 and resistance is at 917.80
Spread between nickel JUL & AUG contracts yesterday traded in the range of 5.10 - 6.3.
BUY NICKEL JULY @ 900-906 SL 890 TGT 913.50-918-926.MCX
