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Copper

Copper trading range for the day is 666.3-681.5.

Copper gains as support seen after reports that China has approved a new COVID-19 vaccine for emergency use

LME copper inventories jumped 12% to 103,900 tonnes in one session, their highest since Jan. 8

Stockpiles in ShFE warehouses were last at 171,794 tonnes, a level unseen since September.

Warehouse stock for Copper at LME was at 107275mt that is up by 3375mt.

BUY COPPER MAR 2021 @ 676.00 SL 666.00 TGT 686.00-694.00.MCX

Zinc

Zinc trading range for the day is 216.2-221.2.

Zinc prices gained as supplies of zinc concentrates remained tight

China's zinc and zinc alloy production in February fell by 60,000 tonnes from the previous month due to maintenance

China's refined zinc output stood at 471,200 mt in February, falling 71,100 mt or down 13.1% on month and up 4.03% on year.

Warehouse stock for Zinc at LME was at 266000mt that is down by -400mt.

BUY ZINC MAR 2021 @ 216.50 SL 214.50 TGT 218.80-220.50.MCX

Nickel

Nickel trading range for the day is 1147.4-1175.2.

Nickel prices settled flat as Russian producer Nornickel has again pushed back the restart date for two mines in Siberia.

The world's largest producer of high-grade nickel expects to restore full capacity at its flooded mines in Siberia in the next 3-4 months

China's refined nickel output in February rose 5.3% m/m and 3.7% y/y to 13,673 tonnes

Warehouse stock for Nickel at LME was at 259782mt that is down by -366mt.

BUY NICKEL MAR 2021 @ 1168.00 SL 1154.00 TGT 1184.00-1196.00.MCX

Aluminium

Aluminium trading range for the day is 172.1-179.1.

Aluminium prices gained as support seen after data showed LME Aluminium stock is down by 7025MT while Cancelled Warrant is up by 30175MT.

Prices rose as supply concerns in top consumer China rose and industrial production shutdowns

Aluminium output in first two months of 2021 at 6.45 mln T

Warehouse stock for Aluminium at LME was at 1903625mt that is down by -7025mt.

BUY ALUMINIUM MAR 2021 @ 172.00 SL 170.50 TGT 173.50-174.80.MCX

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