Sell Copper Feb 2021 @ 3870.00 SL 3940.00 TGT 3800.00-3760.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 581-614.2.
Copper prices gained after Chile’s Cochilco increases estimate of 2021 average copper price to $3.3 per pound
Yangshan copper premium rose to $72 a tonne, its highest since August 2020
Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels
Warehouse stock for Copper at LME was at 76250mt that is down by -925mt.
SELL COPPER FEB 2021 @ 3870.00 SL 3940.00 TGT 3800.00-3760.00.MCX
ZINC
Zinc trading range for the day is 200.8-209.
Zinc gained as support seen after IMF revising higher its estimate for world GDP growth to 5.5% from 5.2% previously.
ShFE stockpiles of the metal rose to 43,240 tonnes, the highest since Dec. 11, 2020.
Japan's Dec zinc exports up 88.6 pct yr/yr
Warehouse stock for Zinc at LME was at 293800mt that is down by -700mt.
BUY ZINC FEB 2021 @ 596.00 SL 592.00 TGT 602.00-606.00.MCX
NICKEL
Nickel trading range for the day is 1269.8-1323.8.
Nickel prices dropped hit by uncertainties about the outcome of a $1.9 trillion U.S. stimulus package proposed by new President Joe Biden
Data showed U.S. consumer confidence rose moderately in January amid lingering concerns about the COVID-19 pandemic
The IMF raised its growth forecast for the global economy this year
Warehouse stock for Nickel at LME was at 248886mt that is unchange mt.
BUY NICKEL FEB 2021 @ 204.50 SL 202.50 TGT 206.80-208.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.4-164.
Aluminium dropped as LME cash aluminium traded at a $4-a-tonne discount from the three-month contract, indicating that nearby supply tightness has eased.
China's aluminium imports in December rose 40.5% from the previous month, customs data showed
Global primary aluminium output rose in December to 5.67 million tonnes, up 4.22% year on year, data from IAI showed.
Warehouse stock for Aluminium at LME was at 1424175mt that is down by -4050mt.
BUY ALUMINIUM FEB 2021 @ 190.00 SL 185.00 TGT 196.00-199.00.MCX
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