Buy Copper Feb 2022 @ 732.00 SL 726.00 TGT 739.00-742.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 727-744.6.
Copper prices dropped on growing supply and rate hikes
Growth in China's factory activity slowed in January as a resurgence of COVID-19 cases and tough lockdowns hit production and demand
Trading volumes were thin as markets in top metals consumer China were closed for the week-long Lunar New Year holiday.
Warehouse stock for Copper at LME was at 87650mt that is down by -2475mt.
BUY COPPER FEB 2022 @ 732.00 SL 726.00 TGT 739.00-742.00.MCX
ZINC
Zinc trading range for the day is 292-302.
Zinc prices dropped on profit booking after 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 155075mt that is down by -325mt.
BUY ZINC FEB 2022 @ 297.00 SL 295.00 TGT 299.00-301.00.MCX
NICKEL
Nickel trading range for the day is 1645-1735.4.
Nickel dropped as risk-off sentiment drove a correction in the nickel market
The nickel ore inventory at Chinese ports dipped 175,000 wmt from a week earlier to 8.28 million wmt
On-warrant nickel stocks were at their lowest since December 2019 at 48,846 tonnes and stocks in Shfe warehouses are close to record lows at 4,859 tonnes.
Warehouse stock for Nickel at LME was at 90600mt that is down by -1116mt.
BUY NICKEL FEB 2022 @ 1685.00 SL 1668.00 TGT 1710.00-1724.00.MCX
ALUMINIUM
Aluminium trading range for the day is 237.4-248.
Aluminium dropped as growth in top metals consumer China's factory activity slowed in January
However, downside seen limited amid falling inventories and expectations of large deficits as the power crisis, especially in Europe persists
China's aluminium output will be 3.19 million mt in January, a drop of 2.6% year-on-year.
Warehouse stock for Aluminium at LME was at 799475mt that is down by -11575mt.
BUY ALUMINIUM FEB 2022 @ 243.50 SL 241.50 TGT 246.00-247.50.MCX
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