Buy Copper Feb 2022 @ 778.00 SL 772.00 TGT 786.00-790.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 761.5-803.5.
Copper rallied amid strong bullish sentiment as the market was broadly optimistic about the demand outlook.
Support also seen boosted by concerns about supply disruptions and thin inventories
MMG Ltd said production at its Las Bambas copper mine in Peru may stop by February 20th
Warehouse stock for Copper at LME was at 77325mt that is down by -2600mt.
BUY COPPER FEB 2022 @ 778.00 SL 772.00 TGT 786.00-790.00.MCX
ZINC
Zinc trading range for the day is 300.8-315.4.
Zinc prices gained on concerns of further supply disruptions because of prolonged high power prices and persistent environmental restrictions in China.
The ILZSG forecasts the global need for refined zinc to rise to 14.09 million tonnes in 2022 and 14.41 million tonnes next year.
LME zinc inventory fell to a new low in nearly two months of 154,200 mt, which is constantly approaching the previous low of 150,400 mt.
Warehouse stock for Zinc at LME was at 152700mt that is down by -1175mt
BUY ZINC FEB 2022 @ 306.00 SL 304.00 TGT 308.50-310.00.MCX
NICKEL
Nickel trading range for the day is 1745.7-1825.5
Nickel rose as robust demand from both the stainless steel and battery sectors was combined with dwindling inventories
On top of that, persistently high energy costs forced smelters to cut output, taking out crucial supply from an already tight market.
China's Tsingshan starts to deliver nickel matte to Huayou Cobalt
Warehouse stock for Nickel at LME was at 85644mt that is down by -246mt.
BUY NICKEL FEB 2022 @ 1766.00 SL 1748.00 TGT 1790.00-1805.00.MCX
ALUMINIUM
Aluminium trading range for the day is 255.4-268.4.
Aluminium dropped on profit booking after prices scaling a fresh peak as smelter closures exacerbated concerns over dwindling inventories.
Aluminium production in the Chinese city of Baise, which has gone into lockdown after recent COVID-19 outbreaks, remains stable
Chinese banks extended a record CNY 3.98 trillion in new yuan loans in January of 2022, easily beating market forecasts of CNY 3.69 trillion
Warehouse stock for Aluminium at LME was at 761950mt that is down by -5750mt
BUY ALUMINIUM FEB 2022 @ 257.00 SL 255.00 TGT 260.00-262.00.MCX
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