Buy Copper Feb 2021 @ 592.00 SL 588.00 TGT 598.00-602.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 576.8-610.4.
Copper dropped pressured by demand worries after data showed easing manufacturing activity in top consumer China.
China copper premiums spike as swell disrupts supply from Chile
China copper premiums top $70/T; some supply deferred to March
Warehouse stock for Copper at LME was at 74275mt that is down by -300mt.
BUY COPPER FEB 2021 @ 592.00 SL 588.00 TGT 598.00-602.00.MCX
ZINC
Zinc trading range for the day is 201.6-210.4.
Zinc prices dropped as data showed manufacturing activity in China growing at a slower pace in January.
The Biden administration's hope of reaching a $1.9 trillion bailout agreement between the two parties was frustrated
The PBOC will make a net investment of 1.7 trillion yuan before CNY, and the liquidity environment will return to a reasonable
Warehouse stock for Zinc at LME was at 291750mt that is down by -1100mt.
SELL ZINC FEB 2021 @ 206.00 SL 208.00 TGT 204.00-202.60.MCX
NICKEL
Nickel trading range for the day is 1254.1-1329.1.
Nickel prices gained as support seen after Nickel ore inventories across all Chinese ports decreased 520,000 wmt
The IMF raised its growth forecast for the global economy this year.
Data showed U.S. consumer confidence rose moderately in January amid lingering concerns about the COVID-19 pandemic.
Warehouse stock for Nickel at LME was at 248856mt that is down by -30mt.
BUY NICKEL FEB 2021 @ 1285.00 SL 1270.00 TGT 1302.00-1312.00.MCX
ALUMINIUM
Aluminium trading range for the day is 158.3-166.1.
Aluminium prices dropped as LME cash aluminium traded at a $4-a-tonne discount from the three-month contract, indicating that nearby supply tightness has eased
China's aluminium imports in December rose 40.5% from the previous month, customs data showed
Global primary aluminium output rose in December to 5.67 million tonnes, up 4.22% year on year, data from IAI showed.
Warehouse stock for Aluminium at LME was at 1428175mt that is down by -2875mt.
SELL ALUMINIUM FEB 2021 @ 161.50 SL 163.00 TGT 160.00-158.80.MCX
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