Buy Zinc Mar 2022 @ 326.00 SL 315.00 TGT 340.00-346.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 757.7-871.5.
Copper dropped on continued profit booking after prices rallied amid lingering worries of supply disruptions due to war in Ukraine and historically low inventories
Copper stocks held by LME were at 68,825 tonnes, the lowest level since 2005.
In February, those in the Shanghai Futures Exchange and Comex were below 200,000 tonnes
Warehouse stock for Copper at LME was at 69825mt that is down by -1550mt.
BUY COPPER MAR 2022 @ 830.00 SL 815.00 TGT 850.00-860.00.MCX
ZINC
Zinc trading range for the day is 293.2-349.4.
Zinc dropped as the market sentiment cooled down after deviation from rationality in the past few days.
China's refined zinc output stood at 458,400 mt in February, down 59,200 mt or 11.43% MoM and 2.72% YoY.
From January to February 2022, the combined refined zinc output stood at 976,000 mt, a decrease of 3.7% year on year.
Warehouse stock for Zinc at LME was at 142550mt that is down by -175mt.
BUY ZINC MAR 2022 @ 326.00 SL 315.00 TGT 340.00-346.00.MCX
NICKEL
Nickel trading range for the day is 2940.4-3606.4.
Nickel dropped to release the risks after easing supply concerns, and the downstream restocked on dips
The London Metal Exchange intervened to calm the nickel market after prices rocketed over $100,000 a tonne.
China's Shanghai Futures Exchange will suspend the trading of some nickel contracts for one day
Warehouse stock for Nickel at LME was at 77082mt that is down by -702mt
SELL NICKEL MAR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 250.7-294.1.
Aluminium dropped as traders maintained a cautious stance following a worsening conflict in eastern Europe and mounting sanctions on Russia
Stocks of aluminium in LME-registered warehouses were at 779,350 tonnes, hovering near their lowest levels since 2007.
Inventories in Shanghai exchange warehouses have risen to 345,207 tonnes, their highest level since May 2021
Warehouse stock for Aluminium at LME was at 794150mt that is down by -6950mt
SELL ALUMINIUM MAR 2022 @ 284.00 SL 290.00 TGT 276.00-272.00.MCX
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