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COPPER

Copper trading range for the day is 683.6-722.8.

Copper rose on tight supply and expectations of strong demand.

LME cash copper was at a $35.50 a tonne premium to the three-month contract, showing tight nearby supplies, as inventories in LME hovered around their lowest since 2005.

Speculators raised their net long position on the LME to 50% of open contracts by Thursday, the most since 2017

Warehouse stock for Copper at LME was at 73450mt that is down by -1450mt.

COPPER MAR 2021 @ 692.00 SL 688.00 TGT 698.00-704.00.MCX

ZINC

Zinc trading range for the day is 221.4-235.8.

Zinc prices dropped as pressure seen after data showed that social inventories of refined zinc ingots increased 27,900 mt

The stocks were up 85,300 mt from February 10 and arrivals of smelters continued to increase.

China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations.

Warehouse stock for Zinc at LME was at 271950mt that is down by -1225mt.

BUY ZINC MAR 2021 @ 229.00 SL 227.00 TGT 231.50-233.00.MCX

NICKEL

Nickel trading range for the day is 1354.8-1461.4.

Nickel prices dropped as pressure seen after Nickel output in the Philippines, rose 3% last year to 333,962 tonnes

Only 18 of the 30 nickel mines in the Southeast Asian country reported output last year as some projects had been hampered by the COVID-19 pandemic

Chinese traders returned to the market after the Lunar New Year holiday on expectations of sharp growth in sales of electric vehicle

Warehouse stock for Nickel at LME was at 251094mt that is up by 1944mt

NICKEL MAR 2021 @ 1402.00 SL 1388.00 TGT 1420.00-1435.00.MCX

ALUMINIUM

Aluminium trading range for the day is 168.2-175.2.

Aluminium dropped as pressure seen after social inventories of primary aluminium in China, including SHFE warrants, expanded 121,000 mt.

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 1343075mt that is down by -6075mt

ALUMINIUM MAR 2021 @ 172.40 SL 170,80 TGT 174.00-175.20.MCX

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