Sell Nickel Feb 2021 @ 1290.00 SL 1304.00 TGT 1276.00-1265.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 583.6-605.8.
Copper prices recovered on hopes that the United States would soon pass a long-awaited stimulus package which could boost metals demand and recovery
Yangshan copper premium rose to its highest since August 2020 at $73 a tonne, amid disrupted supplies from Chile.
China will celebrate its Lunar New Year holiday during Feb. 11-17, when metals demand usually dip as business activities slow.
Warehouse stock for Copper at LME was at 75000mt that is up by 775mt.
SELL COPPER FEB 2021 @ 592.60 SL 598.00 TGT 586.60-582.80.MCX
ZINC
Zinc trading range for the day is 203.1-212.5.
Zinc prices gained as governments around the world looked poised to boost spending to help economies recover
Investors are monitoring negotiations in Washington surrounding another stimulus package.
Zinc concentrate remained in tight supply, while zinc consumption weakened as it is approaching the CNY holiday
Warehouse stock for Zinc at LME was at 290900mt that is down by -450mt.
SELL ZINC FEB 2021 @ 206.00 SL 207.60 TGT 204.40-203.20.MCX
NICKEL
Nickel trading range for the day is 1267.5-1296.1.
Nickel prices traded in range as a private survey showed China's services sector activity growth slowing sharply in January.
China Caixin/Markit services PMI for January weakened month on month, which led to more cautious market sentiment
China’s NPI output shrank 12.5% from November to 37,300 mt Ni in December.
Warehouse stock for Nickel at LME was at 249078mt that is down by -24mt.
SELL NICKEL FEB 2021 @ 1290.00 SL 1304.00 TGT 1276.00-1265.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.9-162.7.
Aluminium prices gained on increased optimism about stimulus packages and global economic recovery.
China's service sector growth slowed at the start of the year as demand was dampened by the ongoing Covid-19 pandemic
President Joe Biden met with the 10 Republican senators to discuss an alternative, smaller aid proposal to his $1.9 trillion package.
Warehouse stock for Aluminium at LME was at 1425225mt that is up by 3500mt.
SELL ALUMINIUM FEB 2021 @ 161.40 SL 163.00 TGT 159.80-158.80.MCX
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