Buy Copper Mar 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX - Kedia Advisory
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COPPER
* Copper trading range for the day is 665.7-684.1.
* Copper prices gained amid signs of support from China's central bank governor, said the country's monetary policy needs to focus on supporting economic growth.
* China's central bank governor, said the country's monetary policy needs to focus on supporting economic growth
* Inventories of copper in warehouses tracked by ShFE hit their highest since September of 187,372 tonnes by the end of last week
* Warehouse stock for Copper at LME was at 113900mt that is up by 8950mt.
BUY COPPER MAR 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX
ZINC
* Zinc trading range for the day is 219-223.
* Zinc prices gained amid the demand for restocking at low prices in the downstream of the consumption side was still high, the social inventories reduced.
* The smelter reduced production by about 6,000 mt in March, and the future policy may affect the whole second quarter.
* Stocks across the three major trading hubs (Shanghai, Tianjin and Guangdong) fell 12,300 mt, after a 5,800 mt increase last week.
* Warehouse stock for Zinc at LME was at 264375mt that is down by -750mt.
BUY ZINC MAR 2021 @ 220.00 SL 218.00 TGT 222.00-223.50.MCX
NICKEL
* Nickel trading range for the day is 1157.7-1195.9.
* Nickel prices gained as support seen after Glencore says Australian nickel plant running at reduced production after outage
* China's monetary policy needs to focus on supporting economic growth in a targeted way while also reducing financial risks.
* Whether the stimulus of macro news coult drive nickel futures to break its position will be monitored in the near term.
* Warehouse stock for Nickel at LME was at 259308mt that is down by -666mt
BUY NICKEL MAR 2021 @ 1156.00 SL 1146.00 TGT 1170.00-1180.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 174.9-179.5.
* Aluminium prices dropped as pressure seen as LME aluminium inventories surged to 1.97 million tonnes, their highest since March 2017
* Stockpiles of the metals in warehouses tracked by ShFE climbed to a level unseen since April 2020 of 375,571 tonnes.
* China aluminium giant Hongqiao to publish carbon goals this year
* Warehouse stock for Aluminium at LME was at 1964025mt that is down by -3250mt.
BUY ALUMINIUM MAR 2021 @ 176.20 SL 174.50 TGT 178.00-179.60.MCX
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