Buy Zinc Feb 2021 @ 225.50 SL 223.50 TGT 227.50-229.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 637.5-653.3.
Copper prices rallied building on last week's solid gains driven by expectations of stronger demand and tight supply
Global copper production declines 2% in 2020 – report
Light trading is likely to persist with markets in China, the world's biggest metals consumer, closed for the Lunar New Year holiday until Feb. 17.
Warehouse stock for Copper at LME was at 74250mt that is down by -450mt.
BUY COPPER FEB 2021 @ 642.00 SL 638.00 TGT 648.00-654.00.MCX
ZINC
Zinc trading range for the day is 223.5-228.3.
Zinc gained amid expectations for stronger demand on the back of economic recovery and infrastructure spending are driving prices.
Prices for zinc, firmed on expectations of strong demand after the break, and as countries look to boost infrastructure spending
China’s factory gate prices rose in annual terms in January for the first time in 12 months and at the fastest rate since May 2019
Warehouse stock for Zinc at LME was at 283125mt that is down by -1125mt.
BUY ZINC FEB 2021 @ 225.50 SL 223.50 TGT 227.50-229.00.MCX
NICKEL
Nickel trading range for the day is 1337-1367.6.
Nickel gains tracking rise in LME prices on expectations of sharp growth in sales of electric vehicles
Also, the stainless steel market, accounting for more than two-thirds of the total demand, is expected to remain strong in 2021.
Chinese imports of refined nickel fell by 32% year-on-year to 130,700 tonnes in 2020.
Warehouse stock for Nickel at LME was at 250056mt that is unchange mt.
BUY NICKEL FEB 2021 @ 1340.00 SL 1330.00 TGT 1354.00-1370.00.MCX
ALUMINIUM
Aluminium trading range for the day is 165.6-169.8.
Aluminium dropped on profit booking after prices seen supported as consumption shrank.
Stocks of aluminium billet across five major consumption areas in China increased by 37,400 tonnes on lower shipments
The producer price index (PPI) rose 0.3% from a year earlier, the National Bureau of Statistics said in a statement
Warehouse stock for Aluminium at LME was at 1379325mt that is down by -650mt.
BUY ALUMINIUM FEB 2021 @ 166.50 SL 165.00 TGT 168.00-169.00.MCX
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