Buy Nickel Feb 2022 @ 1796.00 SL 1780.00 TGT 1818.00-1834.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 756.4-774.4.
Copper eased as traders weighed geopolitical risks in Eastern Europe against reports of tight inventories and supply issues.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 27.9 percent.
Still, stocks held in LME-approved warehouses declined to 70,125 tonnes, the lowest since November 2005, capping losses.
Warehouse stock for Copper at LME was at 75275mt that is up by 5150mt
BUY COPPER FEB 2022 @ 762.00 SL 756.00 TGT 769.00-774.00.MCX
ZINC
Zinc trading range for the day is 291.5-304.5.
Zinc dropped as inventories in warehouses monitored by the Shanghai Futures Exchange rose 14.2 percent from last Friday.
On the fundamentals, some smelters lowered their zinc ingot output estimate as the tight supply of raw materials.
The downstream will postpone their production resumption until after the Winter Olympics.
Warehouse stock for Zinc at LME was at 147775mt that is down by -700mt.
BUY ZINC FEB 2022 @ 298.00 SL 296.00 TGT 301.00-303.00.MCX
NICKEL
Nickel trading range for the day is 1785.4-1828.6.
Nickel gained as the supply side was still expected to be tight amid the possible disruptions to supplies from Russia.
China produced 12,000 mt of refined nickel, up 7.94% YoY.
Persistently high energy costs forced smelters to cut output, taking out crucial supply from an already tight market.
Warehouse stock for Nickel at LME was at 83328mt that is down by -408mt.
BUY NICKEL FEB 2022 @ 1796.00 SL 1780.00 TGT 1818.00-1834.00.MCX
ALUMINIUM
Aluminium trading range for the day is 258.1-262.7.
Aluminium dropped as pressure seen after inventories in SHFE warehouses rose 9.8 percent.
However, downside seen limited amid dwindling inventories and concerns about further supply disruptions.
Meantime, in China, the pandemic and pollution curbs amid the winter Olympics forced producers to halt production.
Warehouse stock for Aluminium at LME was at 849275mt that is down by -6250mt.
BUY ALUMINIUM FEB 2022 @ 260.00 SL 258.00 TGT 263.00-265.00.MCX
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