Buy Copper Jan 2022 @ 746.00 SL 742.00 TGT 750.00-754.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 728-759.4
Copper prices dropped after MMG said it would resume operations at Las Bambas mine
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 40.5 percent from last Friday
Copper production in Chile, fell 1.6% year-on-year in November, while manufacturing output rose and unemployment dropped
Warehouse stock for Copper at LME was at 88950mt that is down by -425mt.
BUY COPPER JAN 2022 @ 746.00 SL 742.00 TGT 750.00-754.00.MCX
ZINC
Zinc trading range for the day is 283.1-290.9.
Zinc dropped as Nexa says restarts production at Peru zinc mine after blockade cleared
Some galvanising and zinc oxide plants in north China was restricted by the upcoming Winter Olympics.
PBOC has injected a net CNY 600 billion into the banking system at the end of December, the largest weekly injection since the late of October
Warehouse stock for Zinc at LME was at 199575mt that is down by -175mt
BUY ZINC JAN 2022 @ 286.50 SL 284.50 TGT 289.00-290.50.MCX
NICKEL
Nickel trading range for the day is 1557.7-1583.1.
Nickel settled flat as the IHS Markit US Manufacturing PMI was revised slightly lower to 57.7 in December of 2021
The currently low pure nickel inventory also offered some support to nickel prices
The nickel ore inventory at Chinese ports dipped 65,000 wmt from a week earlier to 8.59 million wmt as of December 31
Warehouse stock for Nickel at LME was at 101886mt that is down by -1134mt.
BUY NICKEL JAN 2022 @ 1562.00 SL 1548.00 TGT 1578.00-1588.00.MCX
ALUMINIUM
Aluminium trading range for the day is 223.8-227.4.
Aluminium settled flat as the market transactions continued to drop at the end of the year after prices seen supported driven by tight supply
Two smelters cut production due to high power prices, fuelling concerns about potential shortages.
Factory activity in China, the biggest metals consumer, likely neither grew nor shrank in December.
Warehouse stock for Aluminium at LME was at 939200mt that is down by -4300mt.
BUY ALUMINIUM JAN 2022 @ 224.00 SL 222.00 TGT 226.00-227.50.MCX
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