Sell Zing Feb 2021 @ 215.00 SL 216.50 TGT 213.50-212.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 583.2-617.
Copper prices edged down hit by uncertainties about the outcome of a $1.9 trillion U.S. stimulus package proposed by new President Joe Biden
Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels
Output in key producer countries such as Peru cratered over the second quarter of 2020
Warehouse stock for Copper at LME was at 77175mt that is down by -2100mt.
BUY COPPER FEB 2021 @ 608.00 SL 604.50 TGT 611.80-614.00.MCX
ZINC
Zinc trading range for the day is 198.8-216.
Zinc prices fell after stockpiles in exchange warehouses jumped ahead of a traditionally weak demand season in top consumer China.
Zinc inventories in LME warehouses surged to 235,025 tonnes, their highest since September 2018
Zinc is now the worst performer year-to-date among the base metal complex on both exchanges, down 4.1% on the LME and 5.3% on the ShFE.
Warehouse stock for Zinc at LME was at 294500mt that is up by 59475mt.
SELL ZINC FEB 2021 @ 215.00 SL 216.50 TGT 213.50-212.60.MCX
NICKEL
Nickel trading range for the day is 1274.5-1335.9.
Nickel prices ended with losses on concerns over a fresh US coronavirus aid package
Data showed U.S. consumer confidence rose moderately in January amid lingering concerns about the COVID-19 pandemic.
The IMF raised its growth forecast for the global economy this year.
Warehouse stock for Nickel at LME was at 248886mt that is up by 198mt.
BUY NICKEL FEB 2021 @ 1324.00 SL 1312.00 TGT 1338.00-1346.00.MCX
ALUMINIUM
Aluminium trading range for the day is 160.9-164.7.
Aluminium prices dropped as dollar seen supported amid mounting coronavirus cases and caution ahead of the US Federal Reserve's policy meeting
China's aluminium imports in December rose 40.5% from the previous month, customs data showed
Global primary aluminium output rose in December to 5.67 million tonnes, up 4.22% year on year, data from IAI showed.
Warehouse stock for Aluminium at LME was at 1428225mt that is up by 8450mt.
BUY ALUMINIUM FEB 2021 @ 163.20 SL 161.80 TGT 165.60-166.40.MCX
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