Buy Zing Mar 2021 @ 216.50 SL 214.50 TGT 218.80-220.50.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 672.5-684.1.
Copper prices traded in range despite China released upbeat economic activity data and as concerns over global supply resurfaced.
China industrial output rises 35.1% year-on-year in January-February
Trafigura sees a significant supply deficit in the copper market and a prolonged high-price cycle.
Warehouse stock for Copper at LME was at 92650mt that is down by -800mt.
BUY COPPER MAR 2021 @ 676.00 SL 666.00 TGT 686.00-694.00.MCX
Zinc
Zinc trading range for the day is 214-224.2.
Zinc prices gained as recent environmental protection and limited production in northern China limited the production of some galvanised enterprises.
New home prices in China rose at a faster pace in February, data showed
Data showed U.S. producer prices (PPI) had their largest annual gain in nearly 2-1/2 years
Warehouse stock for Zinc at LME was at 266775mt that is down by -400mt.
BUY ZINC MAR 2021 @ 216.50 SL 214.50 TGT 218.80-220.50.MCX
Nickel
Nickel trading range for the day is 1130.1-1196.3.
Nickel prices gained as China's industrial output grew 35.1% in January-February from a year ago, faster than the 7.3% gain in December
China's new home prices grow more quickly in Feb on resilient demand
The overall consumption of refined nickel market was relatively stable, and downstream restocked for rigid demand at low prices.
Warehouse stock for Nickel at LME was at 260724mt that is down by -6mt.
BUY NICKEL MAR 2021 @ 1168.00 SL 1154.00 TGT 1184.00-1196.00.MCX
Aluminium
Aluminium trading range for the day is 168.8-177.8.
Aluminium prices gained driven by concerns restrictions on new capacity in China's Inner Mongolia region would leave the market short of supply.
Aluminium output in first two months of 2021 at 6.45 mln T
Average daily aluminium output reaches highest on record
Warehouse stock for Aluminium at LME was at 1916725mt that is down by -6300mt.
BUY ALUMINIUM MAR 2021 @ 172.00 SL 170.50 TGT 173.50-174.80.MCX
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