Buy Zinc Mar 2021 @ 213.50 SL 210.00 TGT 218.00-220.50.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 665.5-707.3.
Copper prices gained as support seen after China sets 2021 GDP growth target at more than 6%
Copper inventories in warehouses monitored by the SHFE rose 10.2 percent from last Friday, the exchange said.
The number of US initial jobless claims last week exceeded expectations, and the recovery rate of the job market showed signs of slowing down.
Warehouse stock for Copper at LME was at 79025mt that is down by -800mt.
BUY COPPER MAR 2021 @ 672.00 SL 662.00 TGT 684.00-696.00.MCX
Zinc
Zinc trading range for the day is 212.8-221.4.
Zinc prices gained support as downstream users have restored production.
China expects its 2021 budget deficit to be around 3.2% of GDP, Premier Li Keqiang said
Social inventories of refined zinc ingots across Shanghai decreased 3,200 mt to 258,900 mt.
Warehouse stock for Zinc at LME was at 268775mt that is down by -325mt.
BUY ZINC MAR 2021 @ 213.50 SL 210.00 TGT 218.00-220.50.MCX
Nickel
Nickel trading range for the day is 1146.1-1240.7.
Nickel gains as demand for battery grade nickel for electric vehicles is expected to boom in as the world moves towards a lower-carbon economy.
China’s Tsingshan Holding Group said it would supply 100,000 tonnes of nickel matte
PBOC injected CNY 20 billion into the market via seven-day reverse repos at an interest rate of 2.2 percent
Warehouse stock for Nickel at LME was at 260376mt that is down by -618mt.
BUY NICKEL MAR 2021 @ 1150.00 SL 1130.00 TGT 1175.00-1190.00.MCX
Aluminium
Aluminium trading range for the day is 171-180.
Aluminium prices rose as concerns of supply cuts in top consumer China pushed prices near their highest level in 9-1/2 years.
The LME cash aluminium was last at a discount of $3 per tonne, shrinking from a $14.50 discount in the previous session, indicating tightening in nearby supplies.
Japanese buyers agree Q2 aluminium premium at $148 – $149/T
Warehouse stock for Aluminium at LME was at 1299150mt that is down by -625mt.
BUY ALUMINIUM MAR 2021 @ 171.00 SL 169.00 TGT 173.50-175.00.MCX
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