Buy Nickel Feb 2021 @ 1345.00 SL 1332.00 TGT 1358.00-1368.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 626.7-650.5.
Copper prices gains as demand outpaces supply with Chinese markets closed for the weeklong Lunar New Year holiday.
Copper inventories in warehouses registered with the LME and Comex exchange are falling
Rough seas and a shortage of containers have bogged down shipments of copper cathodes from Chile, the world’s largest producer, and could continue to slow exports.
Warehouse stock for Copper at LME was at 74700mt that is up by 1200mt.
BUY COPPER FEB 2021 @ 640.00 SL 635.00 TGT 645.00-648.50.MCX
ZINC
Zinc trading range for the day is 219.6-227.2.
Zinc prices gained to its best weekly performance since November on prospects for strong steel demand after the Lunar New Year
steel demand after the Lunar New Year Prices for zinc, firmed on expectations of strong demand after the break, and as countries look to boost infrastructure spending
China’s factory gate prices rose in annual terms in January for the first time in 12 months and at the fastest rate since May 2019
Warehouse stock for Zinc at LME was at 284250mt that is down by -2800mt.
BUY ZINC FEB 2021 @ 223.50 SL 221.50 TGT 225.50-227.00.MCX
NICKEL
Nickel trading range for the day is 1311.9-1369.9.
Nickel prices dropped as investors kept tapping the brakes on runs in prices after taking in tepid U.S. inflation data
China's refined nickel cathode output fell 7.8% year-on-year to 12,981 tonnes in January
China’s refined nickel output to fall to 12,000 mt in February 2021 due to shorter operating days of the month.
Warehouse stock for Nickel at LME was at 250056mt that is up by 210mt.
BUY NICKEL FEB 2021 @ 1345.00 SL 1332.00 TGT 1358.00-1368.00.MCX
ALUMINIUM
Aluminium trading range for the day is 166.6-169.4.
Aluminium prices gained as consumption shrank, and the demand for capital hedging should continue to be monitored.
Stocks of aluminium billet across five major consumption areas in China increased by 37,400 tonnes on lower shipments
The producer price index (PPI) rose 0.3% from a year earlier, the National Bureau of Statistics said in a statement
Warehouse stock for Aluminium at LME was at 1379975mt that is down by -4650mt.
BUY ALUMINIUM FEB 2021 @ 167.50 SL 166.00 TGT 169.00-170.20.MCX
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