Buy Zinc Feb 2021 @ 218.00 SL 216.50 TGT 219.80-221.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 596.1-619.3.
Copper prices declined hit by demand concerns over growing numbers of coronavirus cases in China ahead of the traditionally slow Lunar New Year.
China's refined copper production in December surged 10.9% year-on-year to a monthly record high
Global copper smelting activity climbed in December, led by top producer China, while North America extended its decline as coronavirus cases surged
Warehouse stock for Copper at LME was at 87725mt that is down by -3425mt.
BUY COPPER FEB 2021 @ 609.00 SL 605.00 TGT 613.50-616.00.MCX
ZINC
Zinc trading range for the day is 209.2-218.2.
Zinc prices gained as many enterprises have cut production unexpectedly.
U.S. manufacturing activity surged to its highest level in nearly 14 years in early January
China's refined zinc output stood at 553,500 mt in December, falling 8,800 mt
Warehouse stock for Zinc at LME was at 191450mt that is down by -425mt.
BUY ZINC FEB 2021 @ 218.00 SL 216.50 TGT 219.80-221.00.MCX
NICKEL
Nickel trading range for the day is 1292.3-1353.3.
Nickel prices dropped after update global nickel market surplus rose to 2,000 tonnes in November from a revised 400 tonne surplus the previous month
The European Central Bank held interest rates steady, but said it stands ready to act in light of the new restrictions.
Nickel ore inventories across all Chinese ports decreased 260,000 wmt from January 15 to 8.61 million wmt as of January 22, showed data.
Warehouse stock for Nickel at LME was at 249366mt that is down by -30mt.
BUY NICKEL FEB 2021 @ 1314.00 SL 1304.00 TGT 1328.00-1336.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.9-164.3.
Aluminum dropped after UK business activity declined sharply in January due to severe curbs imposed to stem coronavirus infections
U.S. manufacturing activity surged to its highest level in nearly 14 years in early January
Social inventories of primary aluminium including SHFE warrants, declined 15,000 mt to 669,000 mt
Warehouse stock for Aluminium at LME was at 1416775mt that is down by -2475mt.
BUY ALUMINIUM FEB 2021 @ 162.60 SL 161.20 TGT 164.00-165.20.MCX
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