IGI Logo

COPPER

Copper trading range for the day is 727.3-763.1.

Copper prices rose after data showed strong factory activity in Europe and Japan and as the dollar weakened.

Signs of softer copper demand from top consumer China, where import premiums have fallen, suggest copper prices could slip.

Factory activity expanded in January in the Euro zone, Britain, Japan and Russia, PMI surveys showed.

Warehouse stock for Copper at LME was at 86500mt that is down by -1150mt.

BUY COPPER FEB 2022 @ 734.00 SL 728.00 TGT 740.00-744.00.MCX

ZINC

Zinc trading range for the day is 293.2-301.6.

Zinc gained as prices seen supported as zinc squeeze worsens as a second European smelter closes

Nyrstar is placing its Auby smelter in France on care and maintenance citing "historically high" European electricity prices which show no signs of abating.

Premiums for physical zinc in Antwerp and Rotterdam have doubled since last October to $320-380 per tonne over the LME cash price.

Warehouse stock for Zinc at LME was at 154850mt that is down by -225mt.

BUY ZINC FEB 2022 @ 294.00 SL 291.00 TGT 297.00-299.00.MCX

NICKEL

Nickel trading range for the day is 1663.4-1767.6.

Nickel gained as falling inventories in exchange warehouses pushed premiums for quickly deliverable metal to their highest since 2009.

Inventories in LME-registered warehouses have fallen to 89,364 tonnes from around 250,000 tonnes a year ago.

Lack of available supply pushed the premium for cash nickel over the three-month contract above $500 a tonne for the first time since 2009.

Warehouse stock for Nickel at LME was at 89364mt that is down by -1236mt.

BUY NICKEL FEB 2022 @ 1680.00 SL 1660.00 TGT 1705.00-1720.00.MCX

ALUMINIUM

Aluminium trading range for the day is 239.6-246.8.

Aluminium rose amid falling inventories and expectations of large deficits as the power crisis, especially in Europe persists

Global primary aluminium output fell 1.25% year on year in December to 5.622 million tonnes

China's aluminium imports in December eased from the previous month, snapping three monthly gains

Warehouse stock for Aluminium at LME was at 788425mt that is down by -11050mt.

BUY ALUMINIUM FEB 2022 @ 240.00 SL 238.00 TGT 242.50-245.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer