Sell Zinc Feb 2021 @ 212.50 SL 214.50 TGT 210.00-208.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 617.9-636.1.
Copper prices advanced as dollar languished near its lowest in a week as investors began entertaining doubts about the scale of a recent rally
Instead of increasing, copper stocks in China have dropped to near decade lows ahead of the Lunar New Year,
Peru reports sharp drop in 2020 copper production due to pandemic
Warehouse stock for Copper at LME was at 76050mt that is up by 1475mt.
BUY COPPER FEB 2021 @ 616.00 SL 612.00 TGT 622.00-626.00.MCX
ZINC
Zinc trading range for the day is 209.4-218.2.
Zinc prices gained as support seen amid optimism over post-holiday consumption.
However, trades were quiet in the spot market as most of the downstream plants have started the Chinese New Year holiday.
China's refined zinc output stood at 553,500 mt in December, falling 8,800 mt or down 1.57% on month and up 3.06% on year.
Warehouse stock for Zinc at LME was at 289325mt that is down by -400mt.
SELL ZINC FEB 2021 @ 212.50 SL 214.50 TGT 210.00-208.60.MCX
NICKEL
Nickel trading range for the day is 1323.3-1348.9.
Nickel gains as US President Joe Biden and his Democratic allies in Congress cleared the path for their $1.9 trillion COVID-19 relief package
China’s refined nickel output shrank 11.63% on the month to 13,000 mt in January
China’s NPI output rose 3.27% month on month to 38,600 mt Ni in January
Warehouse stock for Nickel at LME was at 249948mt that is up by 504mt.
BUY NICKEL FEB 2021 @ 1316.00 SL 1305.00 TGT 1328.00-1338.00.MCX
ALUMINIUM
Aluminium trading range for the day is 163.9-168.7.
Aluminium gains as support seen after Rusal said demand for aluminum is extending its recovery so far this year.Rusal says Q1 2021 aluminium sales seen as strong as Q4 2020
China’s primary aluminium output rose 8% year on year to 3.28 million mt in December
Warehouse stock for Aluminium at LME was at 1395275mt that is down by -7350mt.
BUY ALUMINIUM FEB 2021 @ 164.20 SL 162.80 TGT 165.60-166.40.MCX
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