Sell Aluminium Jan 2022 @ 229.00 SL 231.00 TGT 227.00-225.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 739.8-752.2.
Copper dropped as the omicron variant kept spreading all over the world, and the confirmed COVID cases increased day after day
China's top copper smelters kept floor treatment and refining charges for copper concentrate in the first quarter of 2022 flat from the previous quarter.
Philippines ends open-pit mining ban to reinvigorate industry
Warehouse stock for Copper at LME was at 89100mt that is down by -175mt.
SELL COPPER JAN 2022 @ 754.00 SL 760.00 TGT 746.50-742.50.MCX
ZINC
Zinc trading range for the day is 280.8-290.6.
Zinc prices dropped as a whole approaching the year-end, with sluggish market transactions.
Some downstream companies planned to suspend the production in light of the environmental protection incident in the north.
The market kept worrying about the supply side amid surging electricity prices in the Europe and low LME inventory.
Warehouse stock for Zinc at LME was at 202975mt that is down by -250mt.
SELL ZINC JAN 2022 @ 289.00 SL 291.50 TGT 286.50-284.50.MCX
NICKEL
Nickel trading range for the day is 1508.5-1591.1.
Nickel gained amid a calm dollar, low inventories and expectations that policy easing in China would boost demand
Indonesian President Joko Widodo inaugurated a new ferronickel plant with 1.8 million tonne output capacity in southeast Sulawesi province
The nickel sulphate market was still pessimistic, and NPI demand rose limitedly amid maintenance plans of steel mills.
Warehouse stock for Nickel at LME was at 103656mt that is down by -192mt.
SELL NICKEL JAN 2022 @ 1556.00 SL 1570.00 TGT 1542.00-1532.00.MCX
ALUMINIUM
Aluminium trading range for the day is 219.1-229.9.
Aluminium dropped as the aluminium output in China rose slowly amid small-scale production resumption in Yunnan and Inner Mongolia.
China aims to lower carbon emissions in the aluminium.
The omicron variant kept spreading all over the world, and the confirmed COVID cases increased day after day, which kept the market on edge.
Warehouse stock for Aluminium at LME was at 959700mt that is down by -4475mt.
SELL ALUMINIUM JAN 2022 @ 229.00 SL 231.00 TGT 227.00-225.50.MCX
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