MUMBAI (Commodity Online): Nickel futures moved up in the morning trade on the MCX counter because of firm cues from LME on Thursday.

MCX Nickel opened on a positive note. Markets are now up by Rs 6 to trade at Rs 1006.

LME Nickel on Wednesday closed at $ 315 per tonne, to $ 21105 per tonne. Nickel inventories increased by 1428 tonnes on Wednesday to120090, a level not seen since early July. If the inventories jump today as well one can expect some declines in the Nickel prices.

Australia's second-largest nickel miner, Minara Resources said it aims to conduct and complete plant maintenance shut down in October and kept its 2010 production guidance unchanged.

Minara still hopes to yield in the lower range of between 30,000 and 34,000 tonnes of Nickel from its Murrin Murrin joint venture in west Australia, where January-June output was reduced because of a pipeline breakdown in May.

Nickel has touched a low of Rs 983.7 a kg after opening at Rs.983.7, and last traded at Rs 996.8.For today market is looking for the support at 985, a break below could see a test of 973.1 and where as resistance is now likely to be seen at 1007.4, a move above could see prices testing 1017.9.

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