Buy Nickel Mar 2021 @ 1154.00 SL 1140.00 TGT 1168.00-1180.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 668.2-682.
Copper prices fell after inventories in warehouses tracked by the London Metal Exchange rose to their highest in more than two months.
However downside seen limited as a dovish Federal Reserve message sent the dollar lower after projecting a jump in U.S. economic growth this year
LME copper inventories hit their highest since Dec. 30, 2020 at 107,275 tonnes.
Warehouse stock for Copper at LME was at 106425mt that is down by -850mt.
BUY COPPER MAR 2021 @ 672.50 SL 668.00 TGT 678.00-682.50.MCX
Zinc
Zinc trading range for the day is 213.6-220.8.
Zinc prices dropped as Zinc social inventories increased as high prices depressed demand.
ECB President Lagarde said that the central bank might need some time before the recently agreed acceleration in the pace of bond purchases.
Investors continued to monitor the slow pace of COVID-19 vaccination in the EU and its impact on Europe's economic recovery.
Warehouse stock for Zinc at LME was at 265825mt that is down by -175mt.
BUY ZINC MAR 2021 @ 218.50 SL 216.50 TGT 220.50-222.00.MCX
Nickel
Nickel trading range for the day is 1152-1169.8.
Nickel prices dropped as dollar index rebounded as Treasury yields continue to soar amid persistent concerns over rising inflation.
China’s nickel plate premiums fell amid a closed arbitrage window while market participants in Europe and US reported minimal buying interest.
China's Tsingshan Holding Group said it would provide domestic markets with an extra 100,000 tonnes of nickel matte.
Warehouse stock for Nickel at LME was at 260208mt that is up by 426mt
BUY NICKEL MAR 2021 @ 1154.00 SL 1140.00 TGT 1168.00-1180.00.MCX
Aluminium
Aluminium trading range for the day is 173.5-177.5.
Aluminium prices dropped as LME cash aluminium was at its biggest discount since October 2020 of $33.50 as exchange inventories jumped.
Carbon neutralization pushed refined aluminium to industry hotspots, and supply and demand improved on the fundamentals.
The Chinese city of Baotou in Inner Mongolia, a major aluminium producing region, ordered the shutdowns as part of the nation's plan to reduce carbon emissions.
Warehouse stock for Aluminium at LME was at 1897300mt that is down by -6325mt.
BUY ALUMINIUM MAR 2021 @ 174.80 SL 173.00 TGT 177.80-180.00.MCX
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