Buy Copper JAN 2022 @ 740.00 SL 735.00 TGT 746.00-750.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 734-751.4.
Copper prices remained supported as China is set to maintain relatively loose policies in the coming months to support the slowing economy.
Inventories rose in warehouses registered with the London Metal Exchange (LME).
China’s central bank cut the borrowing costs of its medium-term loans for the first time since April 2020
Warehouse stock for Copper at LME was at 86300mt that is up by 2500mt.
BUY COPPER JAN 2022 @ 740.00 SL 735.00 TGT 746.00-750.00.MCX
ZINC
Zinc trading range for the day is 285.5-290.5.
Zinc dropped as total zinc inventories across seven Chinese markets stood at 126,200 mt as of January 17, up 3,100 mt
PBoC lowered the one-year MLF and seven-day reverse repurchase rates by 10 basis points, sending a formal interest rate cut signal.
Some smelters controlled their production amid pressures from the mining side, except from production suspensions
Warehouse stock for Zinc at LME was at 183675mt that is down by -1275mt.
BUY ZINC JAN 2022 @ 287.00 SL 285.00 TGT 289.50-291.00.MCX
NICKEL
Nickel trading range for the day is 1617.2-1661.8.
Nickel gained amid dwindling stocks in LME-registered warehouses and in those monitored by the Shanghai Futures Exchange (ShFE).
Worries about availability of nickel that can be delivered against LME and ShFE contracts have created significant premiums for near-term contracts.
China's economy grew 4.0% in the fourth quarter from a year earlier, faster than expected
Warehouse stock for Nickel at LME was at 97746mt that is down by -618mt.
BUY NICKEL JAN 2022 @ 1638.00 SL 1624.00 TGT 1656.00-1665.00.MCX
ALUMINIUM
Aluminium trading range for the day is 232.8-239.
Aluminium rises as stocks dwindle and output cuts loom
China 2021 aluminium output climbs to record despite power curbs
The aluminium output in Yunnan and Shanxi is likely to increase slightly in January, but the overall supply will remain low.
Warehouse stock for Aluminium at LME was at 891550mt that is down by -3450mt.
BUY ALUMINIUM JAN 2022 @ 235.00 SL 233.00 TGT 237.50-239.00.MCX
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