Buy Copper Feb 2022 @ 766.00 Sl 760.00 TGT 772.00-776.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 762-777.
Copper settled flat as Russian troops return to base
Peru community says it will not block Las Bambas mining road for now
China to step up support for small industrial firms
Warehouse stock for Copper at LME was at 70125mt that is down by -2100mt.
BUY COPPER FEB 2022 @ 766.00 SL 760.00 TGT 772.00-776.00.MCX
ZINC
Zinc trading range for the day is 295.9-302.5.
Zinc dropped after Russia-Ukraine tensions eased but remained supported as domestic zinc concentrate supply was still tight
The energy issues in the Europe remained, and concerns over the supply side still existed.
China’s central bank stepped up support for its slowing economy by pumping in cash via policy loans for a second straight month
Warehouse stock for Zinc at LME was at 150725mt that is down by -800mt.
BUY ZINC FEB 2022 @ 297.00 SL 295.00 TGT 300.00-302.50.MCX
NICKEL
Nickel trading range for the day is 1731-1817.6.
Nickel dropped after Russia denied it wants to attack Ukraine, raising hopes the two neighboring nations will avoid a full-blow conflict.
LME nickel inventory kept falling and the backwardation of SHFE nickel contracts indicated tight nickel supply.
PBOC injected CNY 300 billion of one-year medium-term lending facility (MLF) into the financial system
Warehouse stock for Nickel at LME was at 84474mt that is down by -420mt.
BUY NICKEL FEB 2022 @ 1764.00 SL 1748.00 TGT 1782.00-1796.00.MCX
ALUMINIUM
Aluminium trading range for the day is 253-261.6.
Aluminum dropped as Baise’s easing of pandemic control improves aluminium output
The premium of LME cash aluminium over the three-month contract rose to $51.30 a tonne, highest since July 2018
Aluminium social inventories stood at 994,000 mt, up 45,000 mt on a weekly basis.
Warehouse stock for Aluminium at LME was at 860250mt that is down by -8700mt.
BUY ALUMINIUM FEB 2022 @ 255.50 SL 253.00 TGT 258.00-260.00.MCX
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