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Buy Zinc Feb 2022 @ 303.00 SL 300.00 TGT 306.00-308.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 743.7-788.3.
Copper gains as support seen after China's National Development and Reform Commission outlined plans to bolster the construction of new infrastructure.
The market was still cautious in the first trading week post the Chinese New Year when the demand side is still recovering slowly.
The better-than-expected job market in the US also raised the market’s worries over inflation.
Warehouse stock for Copper at LME was at 77325mt that is down by -2600mt
BUY COPPER FEB 2022 @ 768.00 SL 763.00 TGT 775.00-780.00.MCX
ZINC
Zinc trading range for the day is 297-309.6.
Zinc rose on concerns of further supply disruptions because of prolonged high power prices and persistent environmental restrictions in China.
ILZSG forecasts the global need for refined zinc to rise to 14.09 million tonnes in 2022 and 14.41 million tonnes next year.
LME zinc inventory has fallen back after climbing to a two-and-a-half-month high of 209,175 mt on December 14 last year.
Warehouse stock for Zinc at LME was at 152700mt that is down by -1175mt
BUY ZINC FEB 2022 @ 303.00 SL 300.00 TGT 306.00-308.00.MCX
NICKEL
Nickel trading range for the day is 1716.3-1797.5.
Nickel gained amid LME nickel inventory kept falling, and the supply was still tight.
The new energy sector presented higher-than-expected demand, underpinning nickel prices.
Global nickel production up 8% in 2021 as Indonesia solidifies its top nickel producer status
Warehouse stock for Nickel at LME was at 85644mt that is down by -246mt.
BUY NICKEL FEB 2022 @ 1715.00 SL 1700.00 TGT 1740.00-1752.00.MCX
ALUMINIUM
Aluminium trading range for the day is 249.8-266.2.
Aluminium rose as a supply shortfall caused by smelter closures in Europe and China ate further into exchange stockpiles
Aluminium stocks in LME approved warehouses fell to 768,250 tonnes, their lowest level since February 2007.
The threat of sanctions on Russia, if it attacks Ukraine has also intensified supply concerns
Warehouse stock for Aluminium at LME was at 761950mt that is down by -5750mt.
BUY ALUMINIUM FEB 2022 @ 249.00 SL 247.00 TGT 251.50-253.00.MCX
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