Sell Nickel FEB 2022 @ 1815.00 SL 1840.00 TGT 1785.00-1770.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 748.9-769.9.
Copper prices dropped as pressure seen after Shanghai warehouse copper stocks up 15.7 %
Antofagasta suggests that water shortages in Chile will upset copper output in 2022
China's refined copper production in 2021 rose 7.4% year-on-year to 10.49 million tonnes to an annual record high
Warehouse stock for Copper at LME was at 99775mt that is up by 1050mt.
SELL COPPER FEB 2022 @ 760.00 SL 766.00 TGT 754.00-750.80.MCX
ZINC
Zinc trading range for the day is 293.3-301.7.
Zinc dropped as zinc ingot social inventory in seven major regions rose 10,500 mt
Global zinc deficit recorded 105,900 mt in Jan-Nov 2021 – WBMS
LME inventory kept falling amid strong overseas demand, fuelling spot zinc premiums to a high of $300/mt.
Warehouse stock for Zinc at LME was at 167650mt that is down by -4725mt.
SELL ZINC FEB 2022 @ 300.00 SL 304.00 TGT 296.00-294.00.MCX
NICKEL
Nickel trading range for the day is 1723.5-1835.5.
Nickel prices gained as the global nickel market saw a deficit of 3,000 tonnes in November compared with a shortfall of 1,600 tonnes a month earlier
The currently low inventory of nickel underpinned nickel prices.
The nickel ore inventory at Chinese ports dipped 142,000 wmt from a week earlier to 8.45 million wmt
Warehouse stock for Nickel at LME was at 93480mt that is down by -1350mt.
SELL NICKEL FEB 2022 @ 1815.00 SL 1840.00 TGT 1785.00-1770.00.MCX
ALUMINIUM
Aluminium trading range for the day is 237.6-248.6.
Aluminium dropped as some aluminium capacities were resumed in Yunnan and Qinghai, pushing up the domestic aluminium supply slightly.
The social inventories of aluminium stood at 726,000 mt as of January 20, up from the previous session.
Global aluminium output falls 1.25% y/y to 5.622 mln T in Dec – IAI
Warehouse stock for Aluminium at LME was at 865950mt that is down by -7700mt.
SELL ALUMINIUM FEB 2022 @ 242.00 SL 245.00 TGT 239.00-237.50.MCX
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