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Buy Copper Mar 2022 @ 760.00 SL 755.00 TGT 768.00-772.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 757.1-771.7.
Copper seen some pressure as the risk aversion sentiment was strong in the market on the back of uncertainties haunting the Russia-Ukraine issue.
The state planner in China, said it will take steps to stabilise the commodity market.
In China, the central bank did not cut the interest rate further, and the LPR disclosed today was in line with market estimate, hence the market sentiment was stable
Warehouse stock for Copper at LME was at 74375mt that is up by 300mt.
BUY COPPER MAR 2022 @ 760.00 SL 755.00 TGT 768.00-772.00.MCX
ZINC
Zinc trading range for the day is 291.8-298.4.
Zinc dropped as total zinc inventories across seven Chinese markets stood at 268,900 mt up 5,800 mt.
The inventory in Shanghai rose more slowly after the downstream resumed the production that created more purchase demand.
The risk aversion sentiment was strong in the market on the back of uncertainties haunting the Russia-Ukraine issue.
Warehouse stock for Zinc at LME was at 147350mt that is down by -425mt.
BUY ZINC MAR 2022 @ 295.00 SL 293.00 TGT 297.50-299.00.MCX
NICKEL
Nickel trading range for the day is 1780.8-1856
Nickel climbed as low inventories, healthy demand from manufacturers of electric vehicle batteries and worries about supplies from Russia spurred buying.
The nickel market has been roiled in recent weeks as traders brace for any disruptions to Russian supplies.
Nickel stocks in LME-registered warehouses have fallen about 69% since April last year to 83,328 tonnes
Warehouse stock for Nickel at LME was at 83274mt that is down by -54mt
BUY NICKEL MAR 2022 @ 1810.00 SL 1790.00 TGT 1830.00-1845.00.MCX
ALUMINIUM
Aluminium trading range for the day is 258.3-266.5.
Aluminium rose as global aluminium output in Jan falls 4.5% y/y to 5.5 mln T
Norsk Hydro has reported, Albras was shut down due to an internal power distribution failure.
The high aluminium prices suppressed addition demand next to rigid demand, and the recovery of demand in north China still needs time.
Warehouse stock for Aluminium at LME was at 843475mt that is down by -5800mt.
BUY ALUMINIUM MAR 2022 @ 259.50 SL 257.50 TGT 262.50-265.00.MCX
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