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Published on 20/09/2019 10:13:12 AM | Source: Kedia Commodity Ltd

Sell Nickel Sep 2019 @ 1235.00 SL 1240.00 TGT 1210.00-1190.00.MCX - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

Copper

* Copper trading range for the day is 444.1-450.7.

* Copper recovered on short covering after prices eased as the market focused on weak demand in China and a meeting in Washington between Chinese and U.S. officials.

* The negotiations are aimed at laying the groundwork for high-level talks in early October that will determine whether the two countries are working towards a solution.

* Describing the U.S. economic outlook as "favourable", Fed Chair said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth.

* Warehouse stock for Copper at LME was at 290800mt that is down by -5000mt.

* SELL COPPER SEP 2019 @ 448.00 SL 450.00 TGT 445.00-444.00.MCX

 

Zinc

* Zinc trading range for the day is 181.2-187.6.

* Zinc prices steadied as deliveries to LME-approved warehouses lifted LME zinc inventories for two consecutive days.

* Pressure also seen on concerns about global economic growth and the robust greenback after the Fed gave an uncertain outlook on future easing.

* The global zinc market swung into a 4,200 tonne deficit in July from a revised surplus of 13,800 tonnes in June, data from the ILZSG showed.

* Warehouse stock for Zinc at LME was at 64025mt that is down by -850mt.

* SELL ZINC SEP 2019 @ 184.50 SL 186.00 TGT 182.80-181.50.MCX

 

Nickel

* Nickel trading range for the day is 1215.3-1269.1.

* Nickel prices gained as Indonesian miners rushed to ship nickel ore before the export ban goes into effect from January.

* The premium for cash nickel over the three-month contract ended at $105 a tonne after flaring out to $150, near the $163 hit last week, its highest since April 2009.

* The rise was because of nervousness about availability of the steelmaking ingredient on the LME market owing to one company holding large numbers of warrants

* Warehouse stock for Nickel at LME was at 157770mt that is down by -3768mt.

* SELL NICKEL SEP 2019 @ 1235.00 SL 1240.00 TGT 1210.00-1190.00.MCX

 

Aluminium

* Aluminium trading range for the day is 138.2-140.

* Aluminium settled flat on concerns about global economic growth and the robust greenback after the Fed gave an uncertain outlook on future easing.

* China’s output of alumina fell in August to the lowest monthly level since November 2018, losing 2.9% from July to 6.04 million mt

* Production of primary aluminium dipped 0.4% month on month and 0.3% year on year to 2.97 million mt in August, showed NBS data

* Warehouse stock for Aluminium at LME was at 900725mt that is down by -3450mt.

* BUY ALUMINIUM SEP 2019 @ 138.00 SL 137.00 TGT 139.50-141.00.MCX

 

 

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