Buy Copper JAN 2022 @ 738.00 SL 734.00 TGT 742.00-746.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 736-769.4.
Copper gained lifted by the dollar that weakened after U.S. Federal Reserve Chairman Jerome Powell made less hawkish comments during his renomination hearing.
China's factory-gate prices rose more slowly than expected in December after government measures to contain high raw material prices
China's Tianjin starts new round of mass testing as COVID-19 infections grow
Warehouse stock for Copper at LME was at 83850mt that is down by -75mt.
BUY COPPER JAN 2022 @ 738.00 SL 734.00 TGT 742.00-746.00.MCX
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ZINC
Zinc trading range for the day is 285.7-294.1.
Zinc dropped on profit booking after prices seen supported as the supply from the mining side is still expected to be tight
CITI upgrades 0-3-month point zinc price target to $3,800/tonne from $3,700/t
CITI says for zinc, new 2022 first quarter forecast is $3,600/tonne (up from $3,200/t before)
Warehouse stock for Zinc at LME was at 187925mt that is down by -2400mt.
BUY ZINC JAN 2022 @ 289.00 SL 287.00 TGT 291.50-294.00.MCX
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NICKEL
Nickel trading range for the day is 1587.9-1649.5.
Nickel prices rallied on worries about supplies
Nickel also rallied as worries eased about economic growth in top metals consumer China.
Nickel's sharp gains were fuelled by speculators buying back bearish positions
Warehouse stock for Nickel at LME was at 99462mt that is down by -282mt.
BUY NICKEL JAN 2022 @ 1594.00 SL 1580.00 TGT 1614.00-1628.00.MCX
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ALUMINIUM
Aluminium trading range for the day is 229.6-239.2.
Aluminium dropped on profit booking after prices gained amid falling inventories and expectations of large deficits as the power crisis, and smelters need to cut production.
Power fuels aluminium's price surge to record in Europe
CITI revises its 0-3 month aluminium price target to $3,000/t (from $2,700/t), 2022 first quarter average to $2,900/t (from $2,700/t)
Warehouse stock for Aluminium at LME was at 898525mt that is down by -4325mt.
BUY ALUMINIUM JAN 2022 @ 233.00 SL 231.00 TGT 235.00-236.50.MCX
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