Buy Nickel JAN 2022 @ 1540.00 SL 1526.00 TGT 1555.00-1566.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 736.7-754.7.
Copper prices rose as fears that the omicron variant would derail economic growth receded and President Biden said the US will not go back to lockdown.
However, the spreading COVID variants kept the market participants on edge, and they were again worrying the progress of economic recovery.
In China, the copper inventory in the bonded zone dropped 2,200 mt to 171,700 mt from last Friday, marking the 11th consecutive week of decline.
Warehouse stock for Copper at LME was at 89275mt that is up by 150mt.
BUY COPPER JAN 2022 @ 740.00 SL 735.00 TGT 746.00-749.00.MCX
ZINC
Zinc trading range for the day is 285-293.
Zinc gained as surging energy prices raise concerns of higher production costs and smelter shutdowns.
Investors hope the Omicron coronavirus variant will have less economic impact than feared.
Global zinc market deficit narrows to 6,100 T in Oct – ILZSG
Warehouse stock for Zinc at LME was at 203225mt that is down by -175mt.
BUY ZINC JAN 2022 @ 288.00 SL 286.00 TGT 290.50-292.50.MCX
NICKEL
Nickel trading range for the day is 1534.8-1560.2.
Nickel gains as prices drew support from revived risk appetite across markets as investors hope the Omicron coronavirus variant will have less economic impact.
Nickel inventories in LME warehouses fell 58% from April to 110,358 tonnes, their lowest since December 2019.
Inventories in ShFE warehouses were at 5,563 tonnes last week, hovering near a record low of 4,455 tonnes hit in August.
Warehouse stock for Nickel at LME was at 103848mt that is down by -312mt.
BUY NICKEL JAN 2022 @ 1540.00 SL 1526.00 TGT 1555.00-1566.00.MCX
ALUMINIUM
Aluminium trading range for the day is 224.7-230.7.
Aluminium prices dropped on profit booking sapped by thin holiday trade and concerns about weaker physical demand.
Aluminum production in Europe is again under pressure as electricity prices roared back to record levels.
Data showed China's output of alumina, fell in November by 4.5% year-on-year to its lowest in 18 months
Warehouse stock for Aluminium at LME was at 964175mt that is down by -4475mt.
BUY ALUMINIUM JAN 2022 @ 226.50 SL 224.50 TGT 229.00-231.50.MCX
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