Sell Zinc Feb 2021 @ 206.00 SL 208.00 TGT 204.00-202.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 583.5-600.1.
Copper dropped as China's manufacturing activity moderated in December due to weak demand for the country's exports
US final Markit manufacturing PMI for January stood at 59.2, recording a new high since May 2007
LME cash copper was at a $7.05-a-tonne premium over the three-month contract , its biggest level since September 2020, indicating tight nearby supplies.
Warehouse stock for Copper at LME was at 74225mt that is down by -50mt.
BUY COPPER FEB 2021 @ 592.00 SL 588.00 TGT 598.00-602.00.MCX
ZINC
Zinc trading range for the day is 202.1-208.1.
Zinc prices dropped hurt by a recent jump in inventories in the London Metal Exchange's warehouses.
Zinc inventories in LME warehouses were last at 293,800 tonnes, where stockpiles hit their highest since June 2017
The global refined zinc market is expected to be in surplus of 463,000 tonnes in 2021, the International Lead and Zinc Study Group said
Warehouse stock for Zinc at LME was at 291350mt that is down by -400mt.
SELL ZINC FEB 2021 @ 206.00 SL 208.00 TGT 204.00-202.60.MCX
NICKEL
Nickel trading range for the day is 1273.2-1306.
Nickel prices dropped as Biden's $1.9 trillion stimulus plan is also controversial in the White House
The spot supply of battery-grade nickel sulphate was still in short supply.
Data showed that the PMI for downstream nickel industries, stood at 50.61 in January, down 0.49 points from December.
Warehouse stock for Nickel at LME was at 249102mt that is up by 246mt.
BUY NICKEL FEB 2021 @ 1285.00 SL 1270.00 TGT 1302.00-1312.00.MCX
ALUMINIUM
Aluminium trading range for the day is 159.7-162.1.
Aluminium prices dropped as pressure seen after Germany reported that retail sales plunged by an unexpected 9.6% in December
The UK manufacturing sector growth slowed in January reflecting a slight fall in new orders as producers faced weaker inflows of new export work
Euro zone inflation less than meets the eye in lockdowns – ECB
Warehouse stock for Aluminium at LME was at 1421725mt that is down by -6450mt.
SELL ALUMINIUM FEB 2021 @ 161.50 SL 163.00 TGT 160.00-158.80.MCX
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