Sell Nickel Jan 2021 @ 1322.00 SL 1334.00 TGT 1310.00-1298.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 601.4-618.2.
Copper advanced as stronger-than-expected economic data from top consumer China lent support
China posted solid economic growth data in the last quarter of 2020, economy is well on track for a recovery
China imported 512,000 mt of unwrought copper and copper semis in December, down 8.73% from the previous month
Warehouse stock for Copper at LME was at 96325mt that is down by -1350mt
SELL COPPER JAN 2021 @ 610.00 SL 614.00 TGT 604.00-600.00.MCX
ZINC
Zinc trading range for the day is 213.5-219.3.
Zinc gains as investors wagered China's economic strength would help underpin growth in the region
Zinc inventories in China fell over the weekend, primarily propelled by a decrease in Shanghai and TianjinVedanta reopens Gamsberg zinc mine in South Africa
Warehouse stock for Zinc at LME was at 196625mt that is down by -1500mt
SELL ZINC JAN 2021 @ 214.60 SL 216.20 TGT 212.80-211.80.MCX
NICKEL
Nickel trading range for the day is 1290.2-1351.6.
Nickel prices remained supported as China's economic recovery accelerated in the fourth quarter
China's refined nickel production in 2020 rose 1.4% to 164,600 tonnes, while output of stainless steel raw material nickel pig iron (NPI) plunged
Refined nickel output in December was up 3.1% from November at 14,090 tonnes but down 11.9% year on year
Warehouse stock for Nickel at LME was at 249090mt that is down by -210mt
SELL NICKEL JAN 2021 @ 1322.00 SL 1334.00 TGT 1310.00-1298.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.1-163.5.
Aluminium gained supported by a reminder of the new administration’s commitment to reflating an economy still badly depressed by the Covid-19 pandemic.
Dec unwrought aluminium, products imports at 265,569 T
Full-year 2020 imports set annual record high of 2.7 mln T
Warehouse stock for Aluminium at LME was at 1414675mt that is up by 17600mt
SELL ALUMINIUM JAN 2021 @ 163.20 SL 165.00 TGT 161.50-160.20.MCX
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