IGI Logo

COPPER

* Copper trading range for the day is 659-677.8.

* Copper prices dropped as pressure seen as Copper market in 24,000 tonnes surplus in Dec 2020 – ICSG

* For the first 12 months of the year, the market was in a 559,000 tonnes deficit compared with a 383,000 tonnes deficit

* However downside seen limited supported by the Biden administration's economic development plan, which was said to be as high as $3 trillion.

* Warehouse stock for Copper at LME was at 122425mt that is up by 8525mt

BUY COPPER MAR 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX

ZINC

* Zinc trading range for the day is 215.4-221.4.

* Zinc prices dropped as pressure seen after Germany extended its lockdown measures until April 18th and postponed reopening plans

* Fed Chairman Powell said that the recovery is far from complete and the Fed will continue to provide support.

* The import of zinc concentrate decreased 13,000 mt in January-February 2021 compared with the same period of last year.

* Warehouse stock for Zinc at LME was at 263375mt that is down by -1000mt.

BUY ZINC MAR 2021 @ 220.00 SL 218.00 TGT 222.00-223.50.MCX

NICKEL

* Nickel trading range for the day is 1114.9-1210.7

* Nickel prices dropped as investors remained cautious amid persistently weak demand.

* China's Tsingshan Holding Group said it would provide domestic markets with an extra 100,000 tonnes of nickel matte.

* Glencore says Australian nickel plant running at reduced production after outage

* Warehouse stock for Nickel at LME was at 260928mt that is up by 1620mt.

BUY NICKEL MAR 2021 @ 1156.00 SL 1146.00 TGT 1170.00-1180.00.MCX

ALUMINIUM

* Aluminium trading range for the day is 170.9-175.9.

* Aluminium prices fell as fears that Chinese authorities might start selling the metal raised concerns about an inventory pile up.

* Pressure also seen on market chatter that China's National Food and Strategic Reserves Administration will be selling the metal into the market.

* Global primary aluminium output fell to 5.203 million tonnes in February from revised 5.727 million tonnes in January, data from IAI showed

* Warehouse stock for Aluminium at LME was at 1956325mt that is down by -7700mt.

BUY ALUMINIUM MAR 2021 @ 176.20 SL 174.50 TGT 178.00-179.60.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer