Buy Aluminium Feb 2021 @ 161.50 SL 160.00 TGT 163.50-164.40.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 593.2-618.4.
Copper prices edged up supported from low level of inventories and hopes of further U.S. stimulus that could boost demand for the red metal.
In China, a central bank official said the PBOC will keep liquidity reasonably ample, easing money supply worries
Chinese markets will remain closed from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.
Warehouse stock for Copper at LME was at 76550mt that is up by 2050mt.
BUY COPPER FEB 2021 @ 594.00 SL 589.00 TGT 600.00-603.50.MCX
ZINC
Zinc trading range for the day is 209-214.8.
Zinc gained boosted by tight zinc concentrate supply overseas, better-than-expected US jobless data and confidence in the US economic outlook
Domestic refined zinc output shrank more than expected in January due to narrowed profits and maintenance
In addition, workers at downstream plants are encouraged to stay where they work for the Spring Festival
Warehouse stock for Zinc at LME was at 290350mt that is down by -450mt
BUY ZINC FEB 2021 @ 208.50 SL 206.50 TGT 211.00-212.50.MCX
NICKEL
Nickel trading range for the day is 1281.7-1335.1.
Nickel prices gained as the better-than-expected US first-time filings for unemployment benefits in the week ended January 30 lifted market sentiment.
The number of first-time unemployment-benefits filers in the US totaled 779,000 in the week ending January 30, the lowest since November 2020.
Nickel ore inventories across all Chinese ports decreased 17,000 wmt from January 29 to 8.08 million wmt as of February 5, showed data.
Warehouse stock for Nickel at LME was at 249444mt that is up by 414mt.
BUY NICKEL FEB 2021 @ 1280.00 SL 1270.00 TGT 1290.00-1298.00.MCX
ALUMINIUM
Aluminium trading range for the day is 161.1-165.5.
Aluminium prices gained boosted by optimism over stimulus talks and progress on vaccine rollouts
The Federal Reserve President of the US expressed support for the implementation of quantitative easing economic policy in the past two weeks.
Initial jobless claims in the US reached the lowest level since the end of November, indicating a slowdown in layoffs.
Warehouse stock for Aluminium at LME was at 1406525mt that is down by -8600mt.
BUY ALUMINIUM FEB 2021 @ 161.50 SL 160.00 TGT 163.50-164.40.MCX
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