Buy Nickel Mar 2022 @ 1836.00 SL 1822.00 TGT 1860.00-1872.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 759.8-775.6.
Copper prices dropped as copper inventories in warehouses monitored by the SHFE rose 16.7 percent from last Friday
China promises tougher macroeconomic policies in 2022 to help the economy.
PBOC makes biggest weekly injection in 25 months
Warehouse stock for Copper at LME was at 74475mt that is up by 100mt.
BUY COPPER MAR 2022 @ 762.00 SL 756.00 TGT 768.00-772.00.MCX
ZINC
Zinc trading range for the day is 297.9-303.1.
Zinc dropped as inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.8 percent from last Friday.
The global zinc market deficit narrowed to 37,300 tonnes in December from a revised shortfall of 43,100 tonnes a month earlier
During the full year 2021, ILZSG data showed a deficit of 192,000 tonnes versus a surplus of 503,000 tonnes in 2020.
Warehouse stock for Zinc at LME was at 146650mt that is down by -700mt.
BUY ZINC MAR 2022 @ 297.50 SL 295.00 TGT 300.00-302.00.MCX
NICKEL
Nickel trading range for the day is 1803-1896.8.
Nickel dropped on profit booking as investors took comfort from headlines suggesting that Russia is willing to hold high-level talks with Ukraine.
Nickel increased to a near 11-year high of 25233 USD/T, as supply woes intensified amid aggravating tensions between Russia and the West over Ukraine.
Nickel inventories in LME-registered warehouses have dropped 69% since April to 83,328 tonnes as the demand from the stainless steel and battery sectors remains strong.
Warehouse stock for Nickel at LME was at 82314mt that is down by -960mt.
BUY NICKEL MAR 2022 @ 1836.00 SL 1822.00 TGT 1860.00-1872.00.MCX
ALUMINIUM
Aluminium trading range for the day is 262.3-277.5.
Aluminium prices retreated from record levels on easing fears about power supply
The United States, Britain and other Western nations have hit Russia with new sanctions
Data showed that the aluminium ingot social inventory in China totalled 1.1 million mt as of February 23, 2022, up 60,000 mt
Warehouse stock for Aluminium at LME was at 835125mt that is down by -8350mt.
BUY ALUMINIUM MAR 2022 @ 264.00 SL 261.00 TGT 268.00-270.00.MCX
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