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Buy Copper FEB 2022 @ 744.00 SL 738.00 TGT 752.00-756.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 737.7-761.7.
Copper prices seen under pressure from risk-off sentiment in global markets.
Weighing on sentiment were geopolitical tensions over Russia's massing of troops near its border with Ukraine.
Monetary policy easing in the world's top consumer of industrial metals helped support sentiment.
Warehouse stock for Copper at LME was at 97575mt that is down by -2200mt.
BUY COPPER FEB 2022 @ 744.00 SL 738.00 TGT 752.00-756.00.MCX
ZINC
Zinc trading range for the day is 290.9-298.1.
Zinc prices dropped as the zinc inventory rose 10,500 mt on the week to 133,600 mt, and is likely rise by another 15,000-20,000 mt this week.
Prices fell due to profit-taking, nervousness ahead of a U.S. Federal Reserve meeting this week and a firm dollar, but low stocks provided some support.
Zinc stocks have fallen 45% since April.
Warehouse stock for Zinc at LME was at 162500mt that is down by -5150mt.
BUY ZINC FEB 2022 @ 292.00 SL 289.00 TGT 295.50-297.00.MCX
NICKEL
Nickel trading range for the day is 1624.3-1829.7.
Nickel prices dropped as Tsingshan was reportedly to have shipped the first batch of nickel matte back to China, weighing on prices.
Britishvolt signs agreement to develop high – nickel EV batteries
Nickel inventories in LME-registered warehouses have fallen 65% since April last year
Warehouse stock for Nickel at LME was at 93102mt that is down by -378mt.
BUY NICKEL FEB 2022 @ 1690.00 SL 1670.00 TGT 1720.00-1738.00.MCX
ALUMINIUM
Aluminium trading range for the day is 239-244.4.
Aluminium prices gains as global primary aluminium output fell 1.25% year on year in December to 5.622 million tonnes
The People's Bank of China injected CNY 150 billion of 14-day reverse repos into the banking system
The US Fed made it clear that it will tighten the monetary policy
Warehouse stock for Aluminium at LME was at 859800mt that is down by -6150mt.
BUY ALUMINIUM FEB 2022 @ 241.00 SL 239.00 TGT 243.50-245.00.MCX
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