* Copper trading range for the day is 686-746.6.
* Copper prices rose as low inventories and a bright outlook for demand lent support
* The global refined copper market showed a 77,000 tonne deficit in November
* LME copper inventories were at their lowest since December 2005 at 73,450 tonnes
* Warehouse stock for Copper at LME was at 79700mt that is up by 6250mt.
BUY COPPER MAR 2021 @ 692.00 SL 688.00 TGT 698.00-704.00.MCX
* Zinc trading range for the day is 221.1-229.3.
* Zinc prices dropped as escalating worries over policy tightening in China continued to weigh on prices.
* Some downstream plants resumed operations earlier than previous years due to the policy of encouraging workers to stay where they work.
* But shrinking feedstock inventories at downstream users will limit further decline in zinc prices.
* Warehouse stock for Zinc at LME was at 270525mt that is down by -1425mt.
BUY ZINC MAR 2021 @ 229.00 SL 227.00 TGT 231.50-233.00.MCX
* Nickel trading range for the day is 1362.1-1476.1.
* Nickel prices gained on expectations of sharp growth in sales of electric vehicles, which are increasingly using batteries with higher nickel content.
* 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
* Federal Reserve chair Jerome Powell said the central bank would keep its policies in place as it focused attention on getting Americans back to work.
* Warehouse stock for Nickel at LME was at 251226mt that is up by 132mt.
* Aluminium trading range for the day is 168.3-176.5.
* Aluminium prices gained as Federal Reserve chair Jerome Powell said the central bank would keep its policies in place
* Global aluminium output rises 4.3% y/y to 5.7 mln T in January – IAI
* Shortages of aluminium scrap are likely to boost secondary aluminium prices in the near term.
* Warehouse stock for Aluminium at LME was at 1337700mt that is down by -5375mt.
SELL ALUMINIUM MAR 2021 @ 172.40 SL 170,80 TGT 174.00-175.20.MCX
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