Sell Nickel Mar 2021 @ 1268.00 SL 1286.00 TGT 1240.00-1226.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 688.5-720.1.
Copper prices dropped as China's services sector grows at slowest rate in 10 months in Feb
Manufacturing PMI and the Caixin survey showed that China’s manufacturing recovery weakened for a third month in February.
Market participants also eyed a key meeting in China that will unveil the country's growth drivers
Warehouse stock for Copper at LME was at 74100mt that is up by 400mt.
SELL COPPER MAR 2021 @ 706.00 SL 714.00 TGT 696.00-688.00.MCX
ZINC
Zinc trading range for the day is 212.7-225.9.
Zinc prices dropped as elevated U.S. Treasury yields and a stronger dollar hammered the metals prices.
Benchmark U.S. 10-year Treasury yields crept back towards a one-year peak reached last week.
The domestic downstream still mainly digested inventories, and received less goods at high prices, thus putting pressure on prices
Warehouse stock for Zinc at LME was at 269200mt that is down by -275mt.
SELL ZINC MAR 2021 @ 218.50 SL 221.00 TGT 216.00-214.20.MCX
NICKEL
Nickel trading range for the day is 1182.1-1401.7.
Nickel prices dropped as one of the major nickel producing mine’s production at Russia which was on a halt due to water shortage can restart production.
World’s nickel production dropped 4% in 2020
Manufacturing activities across nickel downstream sectors in China retreated to the contractionary territory in February.
Warehouse stock for Nickel at LME was at 261534mt that is up by 2742mt.
SELL NICKEL MAR 2021 @ 1268.00 SL 1286.00 TGT 1240.00-1226.00.MCX
ALUMINIUM
Aluminium trading range for the day is 172.6-180.6.
Aluminium prices rose as concerns of supply cuts in top consumer China pushed prices higher.
The LME cash aluminium was last at a discount of $3 per tonne over the three-month contract, shrinking from a $14.50 discount.
The US House of Representatives passed earlier this week President Joe Biden's $1.9 trillion stimulus plan
Warehouse stock for Aluminium at LME was at 1304075mt that is down by -3050mt.
SELL ALUMINIUM MAR 2021 @ 178.00 SL 180.00 TGT 175.50-174.20.MCX
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