Buy Copper Jan 2022 @ 750.00 SL 746.00 TGT 756.00-759.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 743.8-760.4.
Copper dropped on profit booking after prices seen supported earlier as worries eased over the impact of the rapidly spreading Omicron coronavirus variant
China will keep its monetary policy flexible next year as it seeks to stabilise growth and lower financing costs for businesses amid growing economic headwinds
PBOC injects CNY 200 billion into market
Warehouse stock for Copper at LME was at 89275mt that is up by 150mt.
BUY COPPER JAN 2022 @ 750.00 SL 746.00 TGT 756.00-759.00.MCX
ZINC
Zinc trading range for the day is 284.2-294.
Zinc dropped as total zinc inventory across seven Chinese markets stood at 126,700 mt, up 2,500 mt
Meanwhile, some galvanising and zinc oxide plants were planning to suspend their production in the off-season
The US retails sales’ performance was outstanding, offsetting the negative impacts from cancelled flights due to omicron COVID variant
Warehouse stock for Zinc at LME was at 203225mt that is down by -175mt.
BUY ZINC JAN 2022 @ 290.00 SL 288.00 TGT 292.50-294.00.MCX
NICKEL
Nickel trading range for the day is 1535.6-1569.6.
Nickel settled flat amid easing worries over the impact of the Omicron variant and hopes of continued policy support for economic growth
Risk sentiment improved as data showed that the new coronavirus variant may cause milder symptoms.
Indonesian President Joko Widodo inaugurated a new ferronickel plant with 1.8 million tonne output capacity in southeast Sulawesi province.
Warehouse stock for Nickel at LME was at 103848mt that is down by -312mt.
BUY NICKEL JAN 2022 @ 1545.00 SL 1532.00 TGT 1558.00-1566.00.MCX
ALUMINIUM
Aluminium trading range for the day is 225.4-229.8.
Aluminium dropped as some aluminium smelters in Yunnan and Inner Mongolia partly resumed the production
Investors continued to track reports about surging coronavirus cases and weigh the variant's impact on the economic recovery.
China reported its highest daily rise in local Covid-19 cases in 21 months over the weekend, pushing regions into lockdowns and tighter social restrictions.
Warehouse stock for Aluminium at LME was at 964175mt that is down by -4475mt.
BUY ALUMINIUM JAN 2022 @ 227.00 SL 225.00 TGT 229.40-231.00.MCX
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