Buy Copper JAN 2022 @ 732.00 SL 726.00 TGT 738.00-740.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.8-745.4.
Copper remained supported by a rebound in equities and tight supply
Chile copper exports jump 21.9% to $4.9 bln in December
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 23.6 percent from last Friday, the exchange said.
Warehouse stock for Copper at LME was at 84775mt that is down by -1175mt.
BUY COPPER JAN 2022 @ 732.00 SL 726.00 TGT 738.00-740.50.MCX
ZINC
Zinc trading range for the day is 283.5-294.3.
Zinc dropped as total zinc inventories across seven Chinese markets stood at 125,500 mt as of January 7, down 5,500 mt
Data showed that China's refined zinc output stood at 513,300 mt in December 2021
China's Dec forex reserves rise to $3.25 trln
Warehouse stock for Zinc at LME was at 193875mt that is down by -2275mt.
BUY ZINC JAN 2022 @ 288.50 SL 286.60 TGT 291.00-292.50.MCX
NICKEL
Nickel trading range for the day is 1545.1-1591.5.
Nickel gained as sentiment was buoyed after Beijing reiterated the need to pay more attention to stabilising growth
Indonesia's power emergency which triggered a coal export ban is over but the government will still continue to discuss policies in this area
The SHFE/LME nickel price ratio bottomed out, and the import window re-opened, which improved the profitability of traders
Warehouse stock for Nickel at LME was at 100248mt that is down by -246mt.
BUY NICKEL JAN 2022 @ 1548.00 SL 1535.00 TGT 1564.00-1572.00.MCX
ALUMINIUM
Aluminium trading range for the day is 227-237.4.
Aluminium dropped on profit booking after but prices ended the week with gains as LME stocks fell and worsening a supply shortage
On-warrant stocks of aluminium in LME-registered warehouses have plunged from more than 861,800 tonnes on Dec. 14 to 536,175 tonnes, the lowest since 2005.
Bank of America predicted the deficit would rise to 2.7 million tonnes in 2024, when prices would be around $3,500 a tonne.
Warehouse stock for Aluminium at LME was at 916875mt that is down by -4525mt.
BUY ALUMINIUM JAN 2022 @ 230.50 SL 228.50 TGT 232.80-234.50.MCX
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