Buy Zinc Feb 2021 @ 208.50 SL 206.50 TGT 210.50-212.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 590.9-603.7.
Copper prices dropped as euro zone’s economic downturn deepened in January as coronavirus-induced lockdown measures hit the services industry.
U.S. data showed private payrolls rebounding more than expected in January, while service activities also improved strongly
Adding to the optimism, the U.S. Congress pushed ahead with a maneuver to pass a $1.9 trillion COVID-19 relief package
Warehouse stock for Copper at LME was at 74500mt that is down by -500mt.
BUY COPPER FEB 2021 @ 596.50 SL 592.00 TGT 602.50-606.00.MCX
ZINC
Zinc trading range for the day is 206.6-211.8.
Zinc pared gains after data showed a steep drop in U.S. labor productivity in the fourth quarter and a sharp increase in unit labor costs
However downside seen limited amid tight zinc concentrate supply, strong demand for galvanised plate and optimism over zinc consumption
The zinc market was in surplus by 356 kt during January to November 2020 which compares with a deficit of 76 kt recorded previous year.
Warehouse stock for Zinc at LME was at 290800mt that is down by -100mt.
BUY ZINC FEB 2021 @ 208.50 SL 206.50 TGT 210.50-212.00.MCX
NICKEL
Nickel trading range for the day is 1267.2-1296.
Nickel prices traded in range as the dollar traded near a two-month high as investors looked to a widening disparity between the strength of the U.S.
PT Vale Indonesia said in a statement its production of nickel matte in 2020 rose by 2% to 72,237 tonnes.
WBMS data showed that the global nickel market was in surplus during January to November 2020
Warehouse stock for Nickel at LME was at 249030mt that is down by -48mt.
BUY NICKEL FEB 2021 @ 1282.00 SL 1270.00 TGT 1292.00-1300.00.MCX
ALUMINIUM
Aluminium trading range for the day is 161.3-162.9.
Aluminium gained boosted by easing liquidity worries in China and solid economic data raised hopes of a global economic recovery
Market balance for primary aluminium for the period of January to November 2020 was a surplus of 2081 kt - WBMS
Investors looked to a widening disparity between the strength of the U.S. and Europe’s pandemic recoveries.
Warehouse stock for Aluminium at LME was at 1415125mt that is down by -10100mt.SELL
ALUMINIUM FEB 2021 @ 161.60 SL 163.00 TGT 160.00-158.90.MCX
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