The U.S. economy contracted at its sharpest pace since World War Two in 2020 due to the COVID19 pandemic. Copper may trade in the range of 585-610 levels.
Copper stocks in warehouses certified by the LME are at their lowest since September at 76,350 tonnes. Stocks in warehouses registered with the Shanghai Futures Exchange are at their lowest since 2011 while Comex inventories are also slipping. The state-run Cochilco said that it had raised its projection for the price of copper for this year to $3.30 per pound amid progress in vaccination campaigns against COVID-19 as well as good prospects for the Chinese economy.
Zinc may trade in the range of 200-215 levels while Lead can move in the range of 155-165 levels. Recent jumps in inventories in the LME’s warehouses are weighing on zinc prices. 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.
Nickel may trade in the range of 1250-1320 levels. In 2020, China’s imports of nickel pig iron from Indonesia, which can still be exported, rose 100.9% year-on-year to 2.73 million tonnes. Aluminum may move in the range of 155-165 levels.
India is becoming dumping ground for aluminum scrap from China. In FY20, there has been a 327 per cent increase in the imports of aluminium scrap from US into India compared to the levels in FY15.
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