Powered by: Motilal Oswal
1/03/2021 2:44:14 PM | Source: Kedia Advisory
Sell Copper Mar 2021 @ 720.00 SL 728.00 TGT 708.00-698.00.MCX - Kedia Advisory
News By Tags | #473 #5839
Sell Copper Mar 2021 @ 720.00 SL 728.00 TGT 708.00-698.00.MCX - Kedia Advisory

COPPER

* Copper trading range for the day is 690.2-726.4.

* Copper prices ended with losses as the global refined copper market showed a 77,000 tonne deficit in November

* Stocks of copper in Shanghai bonded areas increased on larger arrivals.

* A sharp decline in new orders amid surging copper prices prompted copper processors to slow down production

* Warehouse stock for Copper at LME was at 76225mt that is down by -2350mt.

SELL COPPER MAR 2021 @ 720.00 SL 728.00 TGT 708.00-698.00.MCX

 

ZINC

* Zinc trading range for the day is 213.3-229.3.

* Zinc prices dropped after data showed that social inventories of refined zinc ingots across in China increased 37,600 mt.

* The yield of US 10-year treasury bonds hit a one-year high of 1.61%

* Several Fed officials unanimously declared that there is no need to worry about the rise in US bond yields

* Warehouse stock for Zinc at LME was at 269775mt that is down by -700mt.

SELL ZINC MAR 2021 @ 226.00 SL 228.50 TGT 223.50-221.00.MCX

 

 

NICKEL

* Nickel trading range for the day is 1337.8-1413.2.

* Nickel prices dropped after the global nickel market sees larger surplus in December

* The global nickel market surplus rose to 14,600 tonnes in December from an upwardly revised surplus of 7,400 tonnes in the previous month

* Nickel ore inventories across all Chinese ports decreased 614,000 wmt from February 18 to 7.26 million wmt as of February 26, showed data.

* Warehouse stock for Nickel at LME was at 251130mt that is up by 72mt.

SELL NICKEL MAR 2021 @ 1390.00 SL 1405.00 TGT 1368.00-1354.00.MCX

 

 

ALUMINIUM

* Aluminium trading range for the day is 171-177.6.

* Aluminium prices dropped as pressure seen after primary aluminium ingot inventories in China rose.

* Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, increased 181,000 mt

* Aluminum prices are set to remain high driven by a recovery in demand from the Covid-19 hit.

* Warehouse stock for Aluminium at LME was at 1325875mt that is down by -6650mt.

SELL ALUMINIUM MAR 2021 @ 174.00 SL 176.50 TGT 171.50-169.50.MCX

 

To Read Complete Report & Disclaimer Click Here

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here