Buy Nickel Feb 2021 @ 1316.00 SL 1305.00 TGT 1328.00-1338.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 604.8-628.6.
Copper prices rose as optimism around a U.S. stimulus raised hopes of better demand for metals and a recovery in the world's biggest economy
Prices gained supported from low level of inventories and hopes of further U.S. stimulus that could boost demand
LME cash copper was at a $14.50-a-tonne premium over the three-month contract , the highest since September 2020, indicating tight nearby supplies.
Warehouse stock for Copper at LME was at 74575mt that is down by -1975mt.
BUY COPPER FEB 2021 @ 616.00 SL 612.00 TGT 622.00-626.00.MCX
ZINC
Zinc trading range for the day is 208.7-214.5.
Zinc prices dropped as social stocks began to pile up due to the stagnation of pre-holiday consumption
China's refined zinc output stood at 542,000 mt in January, falling 11,200 mt or down 2.02% on month and up 2.6% on year.
Survey showed that domestic refined zinc output decreased slightly more than expectations in January.
Warehouse stock for Zinc at LME was at 289725mt that is down by -625mt.
SELL ZINC FEB 2021 @ 212.50 SL 214.50 TGT 210.00-208.60.MCX
NICKEL
Nickel trading range for the day is 1307.1-1334.3.
Nickel gains as downstream consumption of stainless steel was better than expected, supporting demand for nickel.
China’s refined nickel output shrank 11.63% on the month to 13,000 mt in January
China’s NPI output rose 3.27% month on month to 38,600 mt Ni in January
Warehouse stock for Nickel at LME was at 249444mt that is unchange mt.
BUY NICKEL FEB 2021 @ 1316.00 SL 1305.00 TGT 1328.00-1338.00.MCX
ALUMINIUM
Aluminium trading range for the day is 162.9-166.1.
Aluminium prices remained supported on stimulus hopes and vaccine roll-outs.
The U.S. Labor Department reported that the U.S. added 49,000 jobs in January, while the unemployment rate fell to 6.3%
U.S. employment growth rebounded less than expected in January and job losses the prior month were deeper than initially thought.Warehouse stock for Aluminium at LME was at 1402625mt that is down by -3900mt.
Warehouse stock for Aluminium at LME was at 1402625mt that is down by -3900mt.
BUY ALUMINIUM FEB 2021 @ 164.20 SL 162.80 TGT 165.60-166.40.MCX
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