Buy Copper Feb 2021 @ 616.00 SL 612.00 TGT 622.00-626.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 626.8-645.6.
Copper prices rallied to all time as tight inventories and hopes for more U.S. stimulus boosted sentiment.
LME copper inventories were last at 76,050 tonnes, hovering near their lowest since December 2005.
Survey showed that China produced 798,300 mt of copper cathode in January, falling 7.39% from December
Warehouse stock for Copper at LME was at 74675mt that is down by -1375mt.
BUY COPPER FEB 2021 @ 616.00 SL 612.00 TGT 622.00-626.00.MCX
ZINC
Zinc trading range for the day is 212.8-219.8.
Zinc prices gained amid optimism over economic recovery, expectations that the US Congress is likely to pass Joe Biden's $1.9 trillion Covid-19 relief package.
However, trades were quiet in the spot market as most of the downstream plants have started the Chinese New Year holiday.
China's refined zinc output stood at 553,500 mt in December, falling 8,800 mt or down 1.57% on month and up 3.06% on year.
Warehouse stock for Zinc at LME was at 288850mt that is down by -475mt.
SELL ZINC FEB 2021 @ 212.50 SL 214.50 TGT 210.00-208.60.MCX
NICKEL
Nickel trading range for the day is 1326.6-1376.6.
Nickel gains amid optimism about a global recovery supported sentiment
China’s refined nickel output shrank 11.63% from December and 10.17% from a year earlier, to 13,000 mt in January.
China’s refined nickel output to fall to 12,000 mt in February 2021 due to shorter operating days of the month.
Warehouse stock for Nickel at LME was at 248664mt that is down by -1284mt.
BUY NICKEL FEB 2021 @ 1316.00 SL 1305.00 TGT 1328.00-1338.00.MCX
ALUMINIUM
Aluminium trading range for the day is 166.2-168.8.
Aluminium prices gained as Pre-holiday consumption shrank, and the demand for capital hedging should continue to be monitored.
China’s factory gate prices rose in annual terms in January for the first time in 12 months and at the fastest rate since May 2019.
The producer price index (PPI) rose 0.3% from a year earlier, the National Bureau of Statistics said in a statement
Warehouse stock for Aluminium at LME was at 1389975mt that is down by -5300mt.
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