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Buy Copper Mar 2022 @ 758.00 SL 752.00 TGT 766.00-770.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 742.8-802.6.
Copper prices rose as geopolitical risks disturbed overseas supply, and surging oil prices also pulled up the prices.
Copper market in 79,000 tonne deficit in Nov 2021 – ICSG
World refined copper output in November was 2.073 million tonnes, while consumption was 2.152 million tonnes.
Warehouse stock for Copper at LME was at 74475mt that is up by 100mt.
BUY COPPER MAR 2022 @ 758.00 SL 752.00 TGT 766.00-770.00.MCX
ZINC
Zinc trading range for the day is 292-311.6.
Zinc gained as energy crisis in Europe intensified amid the escalating Russia-Ukraine tensions.
Global zinc market deficit narrows to 37,300 T in Dec – ILZSG
PBOC injects CNY 200 billion into market
Warehouse stock for Zinc at LME was at 146650mt that is down by -700mt.
BUY ZINC MAR 2022 @ 295.00 SL 293.00 TGT 297.50-299.00.MCX
NICKEL
Nickel trading range for the day is 1770.2-2000.6
Nickel prices rose buoyed by fears of supply disruptions from Russia as tensions in eastern Ukraine escalated.
Nickel prices have also been boosted by sliding stocks in LME warehouses.
The premium for cash nickel over the three-month contract closed at $491 a tonne, close to Tuesday's $645 a tonne, the highest since 2007.
Warehouse stock for Nickel at LME was at 82314mt that is down by -960mt.
BUY NICKEL MAR 2022 @ 1825.00 SL 1810.00 TGT 1850.00-1865.00.MCX
ALUMINIUM
Aluminium trading range for the day is 258.9-286.1.
Aluminium prices rallied after Moscow launched its attack on Ukraine, sparking fears of sanctions that could cut supplies.
Inventories of aluminium in LME-registered warehouses are also running low at 824,150 tonnes, compared with about 1.3 million tonnes a year ago.
Shortages of aluminium can be seen in the duty-paid physical premiums that consumers pay above the LME price
Warehouse stock for Aluminium at LME was at 835125mt that is down by -8350mt.
BUY ALUMINIUM MAR 2022 @ 261.00 SL 259.00 TGT 264.00-266.00.MCX
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