Buy Zinc FEB 2022 @ 292.00 SL 289.00 TGT 295.50-297.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 741.6-759.2.
Copper prices gained on optimism over future demand from top consumer China.
China's refined copper production fell 6.1% in December but in 2021 was up by 7.4% to a record of 10.49 million tonnes.
The number of housing starts in the United States increased unexpectedly in December 2021, reaching the highest level in nine months
Warehouse stock for Copper at LME was at 93250mt that is down by -3425mt.
BUY COPPER FEB 2022 @ 744.00 SL 738.00 TGT 752.00-756.00.MCX
ZINC
Zinc trading range for the day is 291.1-299.1.
Zinc prices rose as global zinc market deficit slips to 19,700 T in Nov
During the first 11 months of 2021, ILZSG data showed a deficit of 126,000 tonnes versus a surplus of 479,000 tonnes in the same period of 2020.
The domestic market has been transiting to a seasonal supply surplus.
Warehouse stock for Zinc at LME was at 157550mt that is down by -2375mt.
BUY ZINC FEB 2022 @ 292.00 SL 289.00 TGT 295.50-297.00.MCX
NICKEL
Nickel trading range for the day is 1651.4-1735.2.
Nickel prices dropped as the news regarding shipment of nickel matte from Indonesia to China.
SHFE also adjusted the margin ratio and commission charges of SHFE nickel 2202 and 2203, suppressing nickel prices.
The world economy will likely grow by 4.4 percent this year, compared to a 4.9 percent expansion previously estimated, and by 3.8 percent in 2023
Warehouse stock for Nickel at LME was at 92574mt that is down by -114mt.
BUY NICKEL FEB 2022 @ 1690.00 SL 1670.00 TGT 1720.00-1738.00.MCX
ALUMINIUM
Aluminium trading range for the day is 240.1-249.9.
Aluminium gained amid falling inventories and expectations of large deficits as the power crisis, and smelters need to cut production.
Global aluminium production rates started falling in the closing months of 2021 as power constraints spread from China to Europe.
Stocks of aluminium in LME approved warehouses fell more than 50% since the middle of March.
Warehouse stock for Aluminium at LME was at 835000mt that is down by -10625mt.
BUY ALUMINIUM FEB 2022 @ 241.00 SL 239.00 TGT 243.50-245.00.MCX
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