Zinc

Zinc on MCX settled up 2.2% at 188.4 on expectations the closure and suspensions of big mines will create shortages. Net spec positioning in LME zinc deteriorated for a third week in a row over February 24-March 3, according to the latest LME COTR. This was mainly driven by a build-up of shorts and was reinforced by long liquidation. In the physical market, premiums continued to strengthen last week in the USA due to the strike at Noranda Income Fund’s zinc processing facility in Canada, which is tightening available supply.

Trading Ideas:

* Zinc trading range for the day is 182.5-191.5.

* Zinc gained on expectations the closure and suspensions of big mines will create shortages.

*Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 9,600 to 277,100 tonnes this past week.

Nickel

Nickel on MCX settled up 0.78% at 671.9 as support seen as the Philippines has repeatedly indicated that it will slash output. A Philippine nickel ore producer plans to reopen two mines suspended for environmental violations while it awaits the outcome of an appeal, in a test of rules around the government's crackdown on the industry. The two mines were among 10 suspended last year during a months-long audit led by Environment Secretary Regina Lopez, who later ordered the closure of more than half of operating mines in the world's top nickel ore exporter.

Trading Ideas: 

* Nickel trading range for the day is 661.6-678.8. 

* Nickel prices gained as support seen as the Philippines has repeatedly indicated that it will slash output.

Aluminium

Aluminium prices gained support seen after Russian aluminium giant Rusal forecast demand growing by 5 percent this year. Support also seen after Russian aluminium giant Rusal forecast a global market deficit widening to 1.1 million tonnes. With aluminum premiums on the rise in the U.S. and Europe, and Japanese inventories falling amid growing demand, producers are upping the ante by charging the Pacific Rim a higher premium for the second quarter in a row.

Trading Ideas:

* Aluminium trading range for the day is 122.7-126.1.

* Aluminium prices gained support seen after Russian aluminium giant Rusal forecast demand growing by 5 percent this year.

* With aluminum premiums on the rise in the U.S. and Europe, and Japanese inventories falling amid growing demand.

* Norsk Hydro CEO repeats 3-5 pct growth in aluminium demand in 2017.

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