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Buy Aluminium Jan 2021 @ 161.80 SL 160.60 TGT 163.00-164.20.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 604.5-618.1.
Copper prices rose as the U.S. dollar slipped after Treasury Secretary nominee Janet Yellen urged lawmakers to "act big" on the next coronavirus relief package
Yellen, U.S. President-elect Joe Biden's nominee for the Treasury post, said the benefits of increased spending outweigh the costs of a higher debt burden.
China's imports of Australian copper ore crashed to zero in December
Warehouse stock for Copper at LME was at 93950mt that is down by -2375mt.
BUY COPPER JAN 2021 @ 608.00 SL 604.00 TGT 612.50-615.00.MCX
ZINC
Zinc trading range for the day is 214.9-220.5.
Zinc prices gained as the large-scale fiscal stimulus plan of the US is expected to boost the overall risk appetite.
TC at home and abroad continued to fall, and smelters' profits narrowed, which reduced production.
Smelters are expected to reduce production by 10,300 mt in January.
Warehouse stock for Zinc at LME was at 194200mt that is down by -2425mt.
BUY ZINC JAN 2021 @ 216.00 SL 214.00 TGT 218.00-219.50.MCX
NICKEL
Nickel trading range for the day is 1301-1336.
Nickel dropped paring gains on profit booking after prices seen supported as China's economic recovery accelerated in the fourth quarter
China's refined nickel production in 2020 rose 1.4% to 164,600 tonnes.
Refined nickel output in December was up 3.1% from November at 14,090 tonnes but down 11.9% year on year
Warehouse stock for Nickel at LME was at 249726mt that is up by 636mt.
BUY NICKEL JAN 2021 @ 1318.00 SL 1306.00 TGT 1332.00-1342.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.2-165.4.
Aluminium gains as dollar seen pressure as investors' mood brightened in the wake of a better-than-expected sentiment survey in Germany and Yellen's big spending talk.
China aluminium imports extend 2020 record high with December rise
Full-year shipments in 2020 were 2.7 million tonnes, up 318.7% on 2019.
Warehouse stock for Aluminium at LME was at 1417050mt that is up by 2375mt.
BUY ALUMINIUM JAN 2021 @ 161.80 SL 160.60 TGT 163.00-164.20.MCX
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