Buy Nickel Feb 2022 @ 1764.00 SL 1748.00 TGT 1782.00-1796.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 762.5-779.3.
Copper settled flat recovering from losses boosted by a softer dollar, low inventories and supply disruptions.
The latest data showed stocks held in LME-approved warehouses declined to 70,125 tonnes, the lowest since November 2005.
China's factory inflation hits 6 – month low on government curbs
Warehouse stock for Copper at LME was at 75275mt that is up by 5150mt.
BUY COPPER FEB 2022 @ 766.00 SL 760.00 TGT 772.00-776.00.MCX
ZINC
Zinc trading range for the day is 294.2-302.4.
Zinc dropped as the issue between Russia and Ukraine delivered no clear signs of future developments.
The production of mines in Inner Mongolia was interrupted, reducing zinc output
Some smelters said that it was difficult to source raw materials recently, hence the zinc output fell short.
Warehouse stock for Zinc at LME was at 149350mt that is down by -1375mt.
BUY ZINC FEB 2022 @ 297.00 SL 295.00 TGT 300.00-302.50.MCX
NICKEL
Nickel trading range for the day is 1762.5-1799.9.
Nickel gains after Moscow announced a partial pullback of troops from Ukraine's borders, even though the West was sceptical.
In January 2022, China produced 12,000 mt of refined nickel, down 20.4% MoM, and up 7.94% YoY.
CITI says sees further upside for nickel prices heading into Q2 2022 with new 0-3 month target of $26k/t
Warehouse stock for Nickel at LME was at 83820mt that is down by -654mt.
BUY NICKEL FEB 2022 @ 1764.00 SL 1748.00 TGT 1782.00-1796.00.MCX
ALUMINIUM
Aluminium trading range for the day is 254.8-262.8.
Aluminium rose as tensions eased over Ukraine and focus shifted to an energy crunch causing smelter shutdowns.
The risk of supply disruptions triggered a rush to aluminum stocks at LME warehouses, which currently sit at roughly 50% of March 2021 levels
Baise city in the aluminium producing region of Guangxi in China lifted lockdowns imposed last week
Warehouse stock for Aluminium at LME was at 857225mt that is down by -3025mt.
BUY ALUMINIUM FEB 2022 @ 255.50 SL 253.00 TGT 258.00-260.00.MCX
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