Buy Aluminium Feb 2022 @ 257.00 SL 255.00 TGT 260.00-262.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 752.9-788.3
Copper prices dropped hit by profit-taking and risk-off sentiment in wider financial markets on worries about surging inflation.
Prices were also knocked by large inflows of inventories into ShFE warehouses, with copper surging by 164%
U.S. consumer prices showed the biggest annual increase in 40 years, which is expected to prompt tighter monetary policy from Fed.
Warehouse stock for Copper at LME was at 77325mt that is down by -2600mt.
BUY COPPER FEB 2022 @ 778.00 SL 772.00 TGT 786.00-790.00.MCX
ZINC
Zinc trading range for the day is 299.9-310.9.
Zinc dropped as the zinc ingot inventory across the seven major regions in China totalled 242,700 mt, up 24,800 mt from February 7
The greatly rising social financing reading benefited zinc which is closely correlated with the great infrastructure construction sector.
The fundamentals of zinc were still weak, and the market shall still watch the overseas energy problem
Warehouse stock for Zinc at LME was at 152700mt that is down by -1175mt.
BUY ZINC FEB 2022 @ 306.00 SL 304.00 TGT 308.50-310.00.MCX
NICKEL
Nickel trading range for the day is 1725-1811.6.
Nickel dropped as China's Tsingshan starts to deliver nickel matte to Huayou Cobalt
Vale Indonesia 2021 nickel matte output down 9.5%
The nickel ore inventory at Chinese ports dipped 10,000 wmt from pre-holiday level to 8.27 million wmt
Warehouse stock for Nickel at LME was at 85644mt that is down by -246mt.
BUY NICKEL FEB 2022 @ 1766.00 SL 1748.00 TGT 1790.00-1805.00.MCX
ALUMINIUM
Aluminium trading range for the day is 246.5-262.9.
Aluminium dropped as easing supply issues and a stronger dollar prompted some profittaking.
New aluminium arrivals in LME warehouses sent on-warrant stockpiles soaring by 42% to 595,150 tonnes.
Prices rallied to all time high amid shutdowns of smelters in Europe due to the high energy cost and limited production in China.
Warehouse stock for Aluminium at LME was at 761950mt that is down by -5750mt.
BUY ALUMINIUM FEB 2022 @ 257.00 SL 255.00 TGT 260.00-262.00.MCX
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