Buy Copper Mar 2022 @ 800.00 SL 790.00 TGT 814.00-820.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 792.8-831.
Copper prices remained supported as copper stocks in Shanghai Futures Exchange (ShFE) warehouses fell 3.7% in the week.
The US non-farm payrolls in February delivered greatly better than expected results, and February CPI also recorded a new high in 40 years.
Chinese copper output rose in February.
Warehouse stock for Copper at LME was at 74200mt that is up by 2300mt.
BUY COPPER MAR 2022 @ 800.00 SL 790.00 TGT 814.00-820.00.MCX
ZINC
Zinc trading range for the day is 311.8-327.
Zinc dropped on profit booking after Vladimir Putin said there had been some progress in talks with Ukraine
The State Council's press conference that, China's economic growth rate target for 2022 is set 5.5% based on the actual national conditions
Refined zinc output in China stood at 435,000 tonnes in February, falling 14,000 tonnes from January but up 2.1% on an annual basis.
Warehouse stock for Zinc at LME was at 140725mt that is down by -225mt.
BUY ZINC MAR 2022 @ 315.00 SL 308.00 TGT 324.00-330.00.MCX
NICKEL
Nickel trading range for the day is 2667.6-2953.4.
Nickel dropped to release the risks after easing supply concerns, and the downstream restocked on dips.
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 75702mt that is up by 1464mt.
SELL NICKEL MAR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 272.3-290.5.
Aluminium remained supported amid heightened market volatility after uncertainty about exports from Russia.
Stocks of aluminium in LME-registered warehouses have fallen to 755,950 tonnes from almost 2 million tonnes a year earlier.
Undersupply has pushed duty-paid physical premiums over the LME price sharply higher to $506 a tonne in Europe and $847 a tonne in the United States.
Warehouse stock for Aluminium at LME was at 755950mt that is down by -6825mt.
BUY ALUMINIUM MAR 2022 @ 276.00 SL 270.00 TGT 284.00-290.00.MCX
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