Buy Copper JAN 2022 @ 749.00 SL 744.00 TGT 754.00-758.00.MCX
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COPPER
Copper trading range for the day is 747.8-760.4.
Copper prices dropped as China's copper output rose 6.71% in December from the previous month to 802,200 tonnes
However, downside seen limited supported by concerns of supply tightness amid persistent low inventories.
Inventories in LME-registered warehouses, at 83,800 tonnes, are down from more than 250,000 tonnes in August.
Warehouse stock for Copper at LME was at 83800mt that is down by -50mt.
BUY COPPER JAN 2022 @ 749.00 SL 744.00 TGT 754.00-758.00.MCX
ZINC
Zinc trading range for the day is 286-292.6.
Zinc prices gained getting support amid low inventory and rising smelting costs.
The Vazante mine affilicated to Nexa, will reduce its daily output by 60% amid the rainstorm in Minas Gerais.
The US Department of Labor released is consumer price index (CPI), which rose the by 7%, the highest in 39 years
Warehouse stock for Zinc at LME was at 184950mt that is down by -2975mt.
BUY ZINC JAN 2022 @ 288.50 SL 286.50 TGT 291.00-292.50.MCX
NICKEL
Nickel trading range for the day is 1607.2-1633.6.
Nickel prices rose as nickel ore supply from the Philippines is likely to fall in the rainy season.
Nickel prices were firm amid low domestic and overseas inventories and some short-term restocking demand.
Inventories in ShFE warehouses, at 4,859 tonnes, are near record lows
Warehouse stock for Nickel at LME was at 98364mt that is down by -1098mt.
BUY NICKEL JAN 2022 @ 1612.00 SL 1598.00 TGT 1630.00-1642.00.MCX
ALUMINIUM
Aluminium trading range for the day is 229.2-238.8.
Aluminium prices gained amid falling inventories and expectations of large deficits as the power crisis, and smelters need to cut production.
Power fuels aluminium's price surge to record in Europe
CITI revises its 0-3 month aluminium price target to $3,000/t (from $2,700/t), 2022 first quarter average to $2,900/t (from $2,700/t)
Warehouse stock for Aluminium at LME was at 895000mt that is down by -3525mt.
BUY ALUMINIUM JAN 2022 @ 232.40 SL 230.50 TGT 234.50-236.00.MCX
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