Buy Zinc Jan 2022 @ 288.00 SL 286.00 TGT 290.00-292.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 733.7-768.9.
Copper prices gains as worries eased over the impact of the rapidly spreading Omicron coronavirus variant on global demand.
Many investors have taken a break until after the New Year holidays, while worries about Omicron also prompt caution.
Profits at China's industrial firms grew at a much slower pace in November, official data showed.
Warehouse stock for Copper at LME was at 89275mt that is up by 150mt.
BUY COPPER JAN 2022 @ 744.00 SL 738.00 TGT 750.00-754.00.MCX
ZINC
Zinc trading range for the day is 286.8-294.2.
Zinc prices gains as China’s central bank pledged greater support for the real economy
Total zinc inventory across seven Chinese markets stood at 126,700 mt as of December 27, up 2,500 mt from December 24
Overall sentiment was upbeat, with a global share rally continuing as markets welcomed positive news about the impact of the Omicron variant
Warehouse stock for Zinc at LME was at 203225mt that is down by -175mt.
BUY ZINC JAN 2022 @ 288.00 SL 286.00 TGT 290.00-292.00.MCX
NICKEL
Nickel trading range for the day is 1527.2-1572.8.
Nickel gains as China will keep its monetary policy flexible next year as it seeks to stabilise growth and lower financing costs for businesses.
The nickel sulphate market was still pessimistic, and NPI demand rose limitedly amid maintenance plans of steel mills
The global nickel market saw a small surplus of 5,000 tonnes in October compared with a shortfall of 3,100 tonnes a month earlier
Warehouse stock for Nickel at LME was at 103848mt that is down by -312mt.
BUY NICKEL JAN 2022 @ 1542.00 SL 1528.00 TGT 1558.00-1570.00.MCX
ALUMINIUM
Aluminium trading range for the day is 225.7-229.7.
Aluminium gains as sentiment was upbeat, with a global share rally continuing as markets welcomed positive news about the impact of the Omicron variant.
The aluminium ingot social inventory kept falling by 25,000 mt to 839,000 mt, mainly as the arrivals in south and east China dropped.
On-warrant aluminium stocks in LME-registered warehouses have fallen from 861,600 tonnes on Dec. 14 to 731,500 tonnes, suggesting tight supply.
Warehouse stock for Aluminium at LME was at 964175mt that is down by -4475mt.
BUY ALUMINIUM JAN 2022 @ 227.00 SL 225.00 TGT 229.00-230.50.MCX
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