Sell Copper Jan 2022 @ 745.00 SL 752.00 TGT 738.00-734.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 737-759.2.
Copper gained as China's factory activity accelerated for the second month in December
Japan, S. Korea factory activity continues to expand
Supply constraints, rising costs continue to cloud outlook
Warehouse stock for Copper at LME was at 88725mt that is down by -225mt.
SELL COPPER JAN 2022 @ 745.00 SL 752.00 TGT 738.00-734.00.MCX
ZINC
Zinc trading range for the day is 282.8-298.2.
Zinc prices rose as worries about supply disruptions due to prolonged high power prices spurred buying
Zinc stocks at 199,325 tonnes in LME warehouses have fallen more than 30% since April.
But gains were capped by a higher dollar and the fast spreading Omicron coronavirus variant.
Warehouse stock for Zinc at LME was at 199325mt that is down by -250mt.
SELL ZINC JAN 2022 @ 288.00 SL 291.00 TGT 285.00-283.50.MCX
NICKEL
Nickel trading range for the day is 1543.2-1612.4.
Nickel prices gained supported by the low LME warrants inventory.
In Asia, factory activity grew in December as companies took rising global cases of the new Omicron coronavirus variant in stride
The market stayed worried about the lingering energy crisis in the Europe and the spreading COVID pandemic.
Warehouse stock for Nickel at LME was at 101256mt that is down by -630mt.
SELL NICKEL JAN 2022 @ 1576.00 SL 1590.00 TGT 1562.00-1550.00.MCX
ALUMINIUM
Aluminium trading range for the day is 221.9-229.5.
Aluminum edged higher on expectations of stronger demand and lower supply, especially in Europe.
The production in China may decline after Chinese authorities asked the aluminum sector to slash emissions 5% by 2025
Norway's Hydro to cut Slovakia aluminium output further due to power prices
Warehouse stock for Aluminium at LME was at 934375mt that is down by -4825mt.
SELL ALUMINIUM JAN 2022 @ 226.50 SL 228.50 TGT 224.00-222.50.MCX
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