Buy Copper JAN 2022 @ 749.00 SL 744.00 TGT 754.00-758.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.5-761.7
Copper prices eased as China's economic growth is likely to slow to 5.2% in 2022, before steadying in 2023
China Dec unwrought copper imports at 589,165 tonnes – customs
On-warrant LME copper inventories were at 78,000 tonnes, down about 67% from August highs
Warehouse stock for Copper at LME was at 86300mt that is up by 2500mt.
BUY COPPER JAN 2022 @ 749.00 SL 744.00 TGT 754.00-758.00.MCX
ZINC
Zinc trading range for the day is 283.3-295.7.
Zinc prices dropped as the smelters in Inner Mongolia returned to full production
The smelters in Jiangxi and Shandong also resumed full production after maintenance.
However, downside seen limited as the domestic output of refined zinc stood at 513,300 mt in December 2021, an unexpected plunge on the month.
Warehouse stock for Zinc at LME was at 183675mt that is down by -1275mt.
BUY ZINC JAN 2022 @ 288.50 SL 286.50 TGT 291.00-292.50.MCX
NICKEL
Nickel trading range for the day is 1598-1670.6.
Nickel leaps to highest since 2007 as stockpiles dwindle
On-warrant nickel inventories in LME-registered warehouses have fallen to 44,832 tonnes, the lowest since 2019
SHFE warehouses are close to record lows at 4,711 tonnes.
Warehouse stock for Nickel at LME was at 97746mt that is down by -618mt.
BUY NICKEL JAN 2022 @ 1612.00 SL 1598.00 TGT 1630.00-1642.00.MCX
ALUMINIUM
Aluminium trading range for the day is 231.2-237.4.
Aluminium prices gained as soaring electricity prices in Europe have triggered cuts in energy-intensive production of aluminium.
China's economic growth is likely to slow to 5.2% in 2022, before steadying in 2023
The operating aluminium capacity in January is expected to rise slightly in January.
Warehouse stock for Aluminium at LME was at 891550mt that is down by -3450mt.
BUY ALUMINIUM JAN 2022 @ 232.40 SL 230.50 TGT 234.50-236.00.MCX
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