Buy Copper Mar 2022 @ 762.00 SL 756.00 TGT 768.00-772.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 752.2-773.4.
Copper prices dropped as investors weighed concerns about the escalating crisis over Ukraine against robust demand and supply disruptions.
Western countries, Australia and Japan, announced sanctions targeting Russian banks, the country’s sovereign debt and elites
Copper market in 79,000 tonne deficit in Nov 2021 – ICSG
Warehouse stock for Copper at LME was at 74475mt that is up by 100mt
BUY COPPER MAR 2022 @ 762.00 SL 756.00 TGT 768.00-772.00.MCX
ZINC
Zinc trading range for the day is 292.6-301.2.
Zinc dropped as pressure seen after US has added zinc metal into the list of key minerals to stabilise zinc supply chain
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 @ 297.50 SL 295.00 TGT 300.00-302.00.MCX
NICKEL
Nickel trading range for the day is 1819.4-1870.4
Nickel dropped as the exports of NORNICKEL nickel from Russia to China are likely to rise amid the US sanction on Russia
LME nickel inventory dropped by another 1,014 mt, including 0 mt of nickel plate and 1,014 mt of nickel briquette.
PBOC injected a total CNY 200 billion of 7-day reverse repos and kept the rate unchanged at 2.1
Warehouse stock for Nickel at LME was at 82314mt that is down by -960mt.
BUY NICKEL MAR 2022 @ 1836.00 SL 1822.00 TGT 1860.00-1872.00.MCX
ALUMINIUM
Aluminium trading range for the day is 259.5-268.7
Aluminium dropped on profit booking after reports aluminium smelter Albras in Brazil planned to restart its production lines.
The first batch of equipment will be resumed in Q2, and the full production is expected to be recovered in Q4.
Global primary aluminium output in January 2022 dropped 4.5% YoY to 5.51 million mt.
Warehouse stock for Aluminium at LME was at 835125mt that is down by -8350mt.
BUY ALUMINIUM MAR 2022 @ 264.00 SL 261.00 TGT 268.00-270.00.MCX
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