Aluminium trading range for the day is 172.1-180.7 - Kedia Advisory
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Copper
Copper trading range for the day is 653.4-687.4.
Copper prices settled flat as talks between the U.S. and China got off to a rough start, with both sides chiding and reprimanding each other.
The number of initial jobless claims in the US rose unexpectedly to 770,000 last week, reaching the highest level in a month.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 9.1 percent from last Friday, the exchange said
Warehouse stock for Copper at LME was at 104950mt that is down by -1475mt.
BUY COPPER MAR 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX
Zinc
Zinc trading range for the day is 213.3-223.3.
Zinc prices gained amid expectations of tighter zinc ingot supply.
Data showed that social inventories of refined zinc ingots across Shanghai, Tianjin decreased 3,800 mt to 259,500 mt.
The uncertainty of China-US relations still existed with the fact that the end-user consumption did not fully recover
Warehouse stock for Zinc at LME was at 265125mt that is down by -700mt.
BUY ZINC MAR 2021 @ 218.00 SL 216.00 TGT 220.00-221.50.MCX
Nickel
Nickel trading range for the day is 1134.5-1190.1.
Nickel prices gained as the global nickel market surplus shrank to 8,400 tonnes in January from a revised surplus of 14,700 tonnes in the previous month.
Last year, the roughly 2.4 million tonne a year global market saw a surplus of 122,800 tonnes compared with a deficit of 32,200 tonnes in 2019
Nickel ore inventories across all Chinese ports decreased 232,000 wmt from March 12 to 6.33 million wmt as of March 19, showed data.
Warehouse stock for Nickel at LME was at 259974mt that is down by -234mt.
BUY NICKEL MAR 2021 @ 1156.00 SL 1146.00 TGT 1170.00-1180.00.MCX
Aluminium
Aluminium trading range for the day is 172.1-180.7.
Aluminium prices gained as Energy consumption restrictions in Inner Mongolia will reduce local aluminium supply.
Cancelled warrants for LME aluminium – metals earmarked for delivery – rose to their highest since February 2020 at 382,325 tonnes.
China's aluminium imports in the first two months of 2021 rose 150.7% from a year earlier, customs data showed.
Warehouse stock for Aluminium at LME was at 1967275mt that is up by 69975mt.
BUY ALUMINIUM MAR 2021 @ 176.20 SL 174.50 TGT 178.00-179.60.MCX
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