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Buy Copper Mar 2022 @ 812.00 SL 805.00 TGT 820.00-824.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 802.9-822.7.
Copper remained in range as the COVID-19 pandemic situation was still severe in China, which kept influencing domestic transportation
China released a series a macro economic data, and all of which are slightly better than expected.
The People's Bank of China maintained its benchmark interest rates for corporate and household loans at its March fixing
Warehouse stock for Copper at LME was at 80150mt that is up by 650mt.
BUY COPPER MAR 2022 @ 812.00 SL 805.00 TGT 820.00-824.00.MCX
ZINC
Zinc trading range for the day is 316.8-333.6.
Zinc gained as support seen as China’s output of refined zinc dropped 1.8% YoY to 1.06 million mt.
China released a series a macro economic data, and all of which are slightly better than expected.
The value added of industries above the scale increased by 7.5% year-on-year, total retail sales of consumer goods rose by 6.7% YoY
Warehouse stock for Zinc at LME was at 142975mt that is down by -350mt.
BUY ZINC MAR 2022 @ 325.00 SL 322.00 TGT 328.00-332.00.MCX
NICKEL
Nickel trading range for the day is 1990.6-2462.2.
Nickel fell as participants continue to sell the metal while volumes remain low.
China’s Tsingshan Holding Group, one of the world’s top producers, bought large amounts to reduce its short bets on the metal.
The rapid rise in prices caught out some large players who were betting on a decline in nickel prices.
Warehouse stock for Nickel at LME was at 74274mt that is down by -414mt
SELL NICKEL MAR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 268.5-289.7
Aluminium prices edged higher as supply risks lingered with talks between Russia and Ukraine showing no signs of material progress
Chinese economic data for January-February 2022, which topped market expectations and pointed to strong supply and demand
The operating aluminium capacity in China increased slightly due to production resumption in Yunnan and other regions
Warehouse stock for Aluminium at LME was at 704850mt that is down by -10375mt.
BUY ALUMINIUM MAR 2022 @ 278.00 SL 275.00 TGT 284.00-286.00.MCX
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