Buy Copper MAR 2021 @ 672.00 SL 662.00 TGT 684.00-696.00.MCX - Kedia Advisory
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Copper
* Copper trading range for the day is 672.5-690.7.
* Copper prices rose as the United States moved to pass a $1.9-trillion stimulus bill, while a potential strike in top producer Chile threatened supply.
* Workers at Antofagasta's Los Pelambres copper mine in Chile reject contract offer
* Peru's copper output could hit a record 2.5 million tonnes this year, its mining minister said
* Warehouse stock for Copper at LME was at 90825mt that is up by 2800mt.
BUY COPPER MAR 2021 @ 672.00 SL 662.00 TGT 684.00-696.00.MCX
Zinc
* Zinc trading range for the day is 213.2-220.6.
* Zinc prices gained as market sentiment boosted after the US stimulus bill with a scale of 1.9 trillion US dollars was passed by Congress.
* Refined zinc output at smelters declined 71,100 mt to 471,200 mt in February.
* Refined zinc output is expected to increase 45,800 mt to 517,000 mt in March amid production resumption and rising working days.
* Warehouse stock for Zinc at LME was at 267675mt that is down by -225mt.
BUY ZINC MAR 2021 @ 213.50 SL 210.00 TGT 218.00-220.50.MCX
Nickel
* Nickel trading range for the day is 1161.8-1203.6.
* Nickel prices gained as investors proved optimistic on expectations of a strong US economic recovery
* On a monthly basis, consumer prices rose by 0.6% in February, the third straight month of gains, after a 1% rise in January.
* China's factory gate prices rose at the fastest pace since November 2018 in February, official data showed
* Warehouse stock for Nickel at LME was at 259662mt that is up by 6mt.
BUY NICKEL MAR 2021 @ 1150.00 SL 1130.00 TGT 1175.00-1190.00.MCX
Aluminium
* Aluminium trading range for the day is 171.6-173.8.
* Aluminum prices gained on the back of tightening supply and expectations of higher restocking levels.
* Aluminium stockpiles in LME warehouses fell to their lowest since April 2020 at 1.28 million tonnes
* Recent economic figures from the Labor Department showed the US core inflation came in weaker than expected.
* Warehouse stock for Aluminium at LME was at 1608675mt that is up by 328100mt.
BUY ALUMINIUM MAR 2021 @ 171.00 SL 169.00 TGT 173.50-175.00.MCX
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