Buy Zinc Feb 2021 @ 204.50 SL 202.50 TGT 206.80-208.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 587.8-608.2.
Copper dropped as the recovery was uneven after data showed GDP growth of the US slowed down to 4% in the fourth quarter of last year.
Copper as stocks in warehouses certified by the LME are at their lowest since September at 76,350 tonnes
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.0 percent from last Friday, the exchange said
Warehouse stock for Copper at LME was at 74575mt that is down by -1675mt.
BUY COPPER FEB 2021 @ 596.00 SL 592.00 TGT 602.00-606.00.MCX
ZINC
Zinc trading range for the day is 201.4-210.8.
Zinc prices recovered after data showed that social inventories of refined zinc ingots decreased 3,500 mt to 138,200 mt.
The global refined zinc market is expected to be in surplus of 463,000 tonnes in 2021, the International Lead and Zinc Study Group said last year.
Zinc inventories in LME warehouses surged to 235,025 tonnes, their highest since September 2018, while ShFE stockpiles of the metal rose to 43,240 tonnes
Warehouse stock for Zinc at LME was at 292850mt that is down by -950mt
BUY ZINC FEB 2021 @ 204.50 SL 202.50 TGT 206.80-208.00.MCX
NICKEL
Nickel trading range for the day is 1258-1323.4.
Nickel prices dropped hit by uncertainties about the outcome of a $1.9 trillion U.S. stimulus package proposed by new President Joe Biden.
Data showed U.S. consumer confidence rose moderately in January amid lingering concerns about the COVID-19 pandemic.
The IMF raised its growth forecast for the global economy this year.
Warehouse stock for Nickel at LME was at 248886mt that is unchange mt.
BUY NICKEL FEB 2021 @ 1292.00 SL 1280.00 TGT 1304.00-1314.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.7-164.7.
Aluminium prices recovered from lows after IMF says fiscal support needed until recovery takes hold
China's aluminium imports in December rose 40.5% from the previous month, customs data showed
Global primary aluminium output rose in December to 5.67 million tonnes, up 4.22% year on year, data from IAI showed.
Warehouse stock for Aluminium at LME was at 1431050mt that is up by 6875mt.
SELL ALUMINIUM FEB 2021 @ 162.00 SL 163.50 TGT 160.40-159.20.MCX
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