Buy Copper Feb 2022 @ 752.00 SL 746.00 TGT 758.00-762.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
Copper trading range for the day is 744.3-762.3.
Copper gains as support seen after China's National Development and Reform Commission outlined plans to bolster the construction of new infrastructure.
The market was still cautious in the first trading week post the Chinese New Year when the demand side is still recovering slowly.
The better-than-expected job market in the US also raised the market’s worries over inflation.
Warehouse stock for Copper at LME was at 79925mt that is down by -100mt
BUY COPPER FEB 2022 @ 752.00 SL 746.00 TGT 758.00-762.00.MCX
ZINC
Zinc trading range for the day is 295.1-307.3.
Zinc ended with losses as zinc inventory kept rising in the traditional low, while the demand side remained sluggish for the moment.
The market was optimistic about the demand outlook, but some of the demand in north China will be suppressed by the Beijing Winter Olympics
Investors shall watch the global energy supply as well as the development of domestic demand.
Warehouse stock for Zinc at LME was at 153875mt that is down by -450mt
BUY ZINC FEB 2022 @ 298.00 SL 296.00 TGT 300.50-302.00.MCX
NICKEL
Nickel trading range for the day is 1669.4-1807.
Nickel dropped on profit booking after update global nickel production up 8% in 2021 as Indonesia solidifies its top nickel producer status
LME nickel inventory dropped by 1,122 mt, the lowest since December 2019.
SHFE nickel inventory has also been falling by five straight week
Warehouse stock for Nickel at LME was at 85890mt that is down by -1122mt.
BUY NICKEL FEB 2022 @ 1732.00 SL 1720.00 TGT 1746.00-1754.00.MCX
ALUMINIUM
Aluminium trading range for the day is 247.9-260.3.
Aluminium rose boosted by dwindling inventories, while coronavirus curbs in the Chinese city of Baise has hit transportation of alumina
Aluminium stocks in LME approved warehouses fell to 768,250 tonnes, their lowest level since February 2007.
Alumina capacity cuts have totalled 15.02 million mt in Shanxi, Shandong and Henan
Warehouse stock for Aluminium at LME was at 767700mt that is down by -550mt.
BUY ALUMINIUM FEB 2022 @ 245.00 SL 243.00 TGT 247.50-249.00.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
