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Wednesday, August 26, 2009

NICKEL TRADING RANGE IS 900-980.

 China's metal smelters have started to announce production details for the first half of 2009, with more expected this month. Jilin Jien Nickel Industry Co, China's second-largest nickel miner, said it expected prices of its products to fluctuate due to a murky recovery picture.

It did not disclose production figures for the first half of the year. Nickel has touched a low of Rs 930.1 a kg after opening at Rs 942, and last traded at Rs 938.4.

For today market is looking for the support at 924.70, a break below could see a test of 911.0 and where as resistance is now likely to be seen at 957.30, a move above could see prices testing 976.30.

Trading Ideas:
NICKEL TRADING RANGE IS 900-980.
VALE TO RESTART SOME MINING AT STRIKE-BOUND SUDBURY
SELL NICKEL AUG @ 944-948 SL 962 TGT 940.40-935.20-932.50.MCX
ADD NICKEL SELL BELOW 932 SL 938.20 TGT 924-916-908-898.MCX
NICKEL IS HAVING A SUP OF 933.40 BELOW THIS LOOKS TILL 922-916 LVL.
Posted by appleadvisory at 8/26/2009 11:25:00 PM

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