Buy Copper Mar 2022 @ 840.00 SL 824.00 TGT 858.00-870.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 799.8-893.6.
Copper dropped on profit booking after prices rallied amid lingering worries of supply disruptions and historically low inventories
PBOC sees 2022 increase in macro leverage ratio to keep stable.
Chile copper export $3.8 bln in February, down 9.2%
Warehouse stock for Copper at LME was at 69825mt that is down by -1550mt.
BUY COPPER MAR 2022 @ 840.00 SL 824.00 TGT 858.00-870.00.MCX
ZINC
Zinc trading range for the day is 284.4-401.
Zinc dropped on profit booking after prices rallied as the market was in deep concern over supply shortage in the Europe.
The constantly rising electricity prices have greatly increased the production costs of smelters, which may endanger the supply in Europe.
The inventory across seven regions in China added 2,800 mt from last Friday to 287,000 mt.
Warehouse stock for Zinc at LME was at 142550mt that is down by -175mt.
BUY ZINC MAR 2022 @ 332.00 SL 324.00 TGT 342.00-348.00.MCX
NICKEL
Nickel trading range for the day is 991.5-6792.1.
Nickel dropped on profit booking after prices rallied fuelled by a race to cover short positions after Western sanctions threatened supply from major producer Russia.
LME suspends nickel trading after prices soar past $100,000
US and European allies exploring the idea of banning imports of Russian oil have also spooked metals markets, which are up across the board.
Warehouse stock for Nickel at LME was at 77082mt that is down by -702mt.
BUY NICKEL MAR 2022 @ 2400.00 SL 2300.00 TGT 2540.00-2620.00.MCX
ALUMINIUM
Aluminium trading range for the day is 253.8-324.4.
Aluminium dropped on profit booking after prices rallied as Western sanctions against Russia sparked concerns over the metal supply
Adding to supply fears are falling metal inventories in LME-registered warehouses.
Aluminium stocks, at 794,150 tonnes, are down from almost 2 million tonnes last March.
Warehouse stock for Aluminium at LME was at 794150mt that is down by -6950mt.
BUY ALUMINIUM MAR 2022 @ 310.00 SL 302.00 TGT 322.00-328.00.MCX
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