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Buy Copper Mar 2022 @ 792.00 SL 785.00 TGT 800.00-804.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 778.5-804.3.
Copper dropped as diplomatic efforts to resolve the Russia-Ukraine conflict calmed supplydisruption fears
Demand concerns in top consumer China also weighed on the market.
PBOC injected a total CNY 200 billion one-year MLF operation but kept the rate unchanged at 2.85%
Warehouse stock for Copper at LME was at 77525mt that is down by -475mt.
BUY COPPER MAR 2022 @ 792.00 SL 785.00 TGT 800.00-804.00.MCX
ZINC
Zinc trading range for the day is 306.3-320.1.
Zinc dropped as demand has been affected by resurging COVID pandemic in China.
Demand concerns in top consumer China also weighed on the market.
In the spot market, with resurging pandemic in Jiangsu, Shenzhen, Shandong, etc., and the consumption side has been greatly affected.
Warehouse stock for Zinc at LME was at 144425mt that is up by 3900mt.
BUY ZINC MAR 2022 @ 312.00 SL 308.00 TGT 318.00-321.00.MCX
NICKEL
Nickel trading range for the day is 2746.6-2983.2.
Nickel recovered as the refined nickel supply was still insufficient for the demand
Shanghai exchange to resume trading of some nickel futures from March 11
The London Metal Exchange intervened to calm the nickel market after prices rocketed over $100,000 a tonne.
Warehouse stock for Nickel at LME was at 74988mt that is down by -330mt.
SELL NICKEL MAR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 257.9-274.7.
Aluminium dropped amid demand worries in top metals' consumer China on soaring COVID-19 cases.
However, downside seen limited buoyed by lingering supply concerns triggered by the Russia-Ukraine conflict
China Jan – Feb aluminium output falls 1.4% y/y to 6.33 mln tonnes
Warehouse stock for Aluminium at LME was at 742200mt that is down by -10650mt.
BUY ALUMINIUM MAR 2022 @ 268.00 SL 264.00 TGT 274.00-276.00.MCX
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