Buy Aluminium Mar 2021 @ 172.00 SL 170.50 TGT 173.50-174.80.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 669.1-685.9.
Copper prices fell as signs of weakening demand and higher supply pressured a stunning rally.
Yangshan copper premium fell to $68 a tonne, its lowest since Jan. 15, indicating weaker demand from top consumer China
Glencore-controlled Antapaccay copper mine, announced the suspension of operations due to a road blockade by local communities.
Warehouse stock for Copper at LME was at 93450mt that is up by 2625mt.
BUY COPPER MAR 2021 @ 676.00 SL 666.00 TGT 686.00-694.00.MCX
Zinc
Zinc trading range for the day is 211.1-220.3.
Zinc prices dropped as Zinc social inventories expanded 4,400 mt on week
The recovery of production after environmental protection and limited production in northern galvanised enterprises will be monitored
Stocks in Shanghai increased sharply due to continuous arrivals at smelters and the inflow of import zinc.
Warehouse stock for Zinc at LME was at 267175mt that is down by -500mt.
BUY ZINC MAR 2021 @ 216.50 SL 214.50 TGT 218.80-220.50.MCX
Nickel
Nickel trading range for the day is 1139.1-1183.1.
Nickel prices dropped as China's refined nickel output in February rose 5.3% m/m and 3.7% y/y to 13,673 tonnes
Shanghai bonded refined nickel stocks fell 1,800 mt on week
Nickel ore inventories at Chinese ports fell 538,000 wmt to 6.56 million wmt
Warehouse stock for Nickel at LME was at 260730mt that is up by 1068mt.
BUY NICKEL MAR 2021 @ 1168.00 SL 1154.00 TGT 1184.00-1196.00.MCX
Aluminium
Aluminium trading range for the day is 168.7-173.5.
Aluminium prices dropped as pressure seen after Primary aluminium ingot inventories in China posted slower increase
Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, increased 55,000 mt
U.S. consumer sentiment improved in early March to its strongest in a year as COVID-19 cases declined and the pace of vaccinations accelerated
Warehouse stock for Aluminium at LME was at 1923025mt that is up by 314350mt.
BUY ALUMINIUM MAR 2021 @ 172.00 SL 170.50 TGT 173.50-174.80.MCX
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