Jinchuan Group Co. has lowered its refined nickel price for the first time since early June by CNY4,000 ($588) to CNY167,000 a metric ton.
Since early July, the company had raised prices for refined nickel five times by a combined 10% as nickel prices surged on the London Metal Exchange.
Nickel has touched a low of Rs 986.7 a kg after opening at Rs.987.6, and last traded at Rs 994.5.
For today market is looking for the support at 988.8, a break below could see a test of 983.1 and where as resistance is now likely to be seen at 998.1, a move above could see prices testing 1001.7.
Trading Ideas:
Nickel trading range is 983.1-1001.7.
Jinchuan Group Co. has lowered its refined nickel price for first time since early June
Nickel is getting support at 988.80 and resistance is at 998.10.
Spread between nickel AUG & SEP contracts yesterday traded in the range of 7.40 - 9.7.
