Buy Copper Mar 2021 @ 644.00 SL 640.00 TGT 650.00-654.00.MCX
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COPPER
Copper trading range for the day is 643.5-708.3.
Copper prices gained underpinned by a weak U.S. dollar and tight supply concerns.
Citigroup made a huge call on the copper price for 2021 and 2022, forecasting $10,000 per metric ton, with a "bull case" for $12,000 per ton.
CME raises Comex copper futures (hg) maintenance margins by 8.7% to $5,000 per contract from $4,600 for February
Warehouse stock for Copper at LME was at 75700mt that is down by -325mt.
BUY COPPER MAR 2021 @ 644.00 SL 640.00 TGT 650.00-654.00.MCX
ZINC
Zinc trading range for the day is 223.2-230.4.
Zinc prices gained as market was optimistic about the future peak consumption season, which supported zinc prices
Optimism over post-holiday orders and upbeat macroeconomic environment boosted zinc prices.
Global economy continues to recover as new COVID-19 cases declined and the US Federal Reserve reiterated to keep interest rates near zero.
Warehouse stock for Zinc at LME was at 276525mt that is down by -3325mt.
BUY ZINC MAR 2021 @ 226.50 SL 224.50 TGT 229.00-230.80.MCX
NICKEL
Nickel trading range for the day is 1366.1-1469.1.
Nickel gained amid hopes that an economic recovery in 2021 and ongoing environment concerns would boost demand for electric vehicles
Investors were optimistic about economic recovery as global new COVID-19 cases dropped.
Nickel ore inventories across all Chinese ports decreased 169,000 wmt from February 10 to 7.87 million wmt as of February 1
Warehouse stock for Nickel at LME was at 249480mt that is down by -30mt.
BUY NICKEL MAR 2021 @ 1356.00 SL 1348.00 TGT 1368.00-1374.00.MCX
ALUMINIUM
Aluminium trading range for the day is 168.8-174.2.
Aluminium pared gains on profit booking after prices rallied as the increase of aluminum ingots stocks may not exceed market expectations.
The impact of domestic supply and demand mismatch on short-term sentiment fluctuations in the market after the CNY should continue to be monitored.
Economic data showed that retail sales increased by 5.3% in January, the biggest increase in seven months.
Warehouse stock for Aluminium at LME was at 1354150mt that is down by -6700mt.
BUY ALUMINIUM MAR 2021 @ 171.20 SL 169.50 TGT 173.00-174.20.MCX
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