Buy Copper Oct 2021 @ 709.00 SL 702.00 TGT 716.00-720.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 712.3-727.9.
Copper prices rose as falling stockpiles in exchange warehouses in top consumer China and shortage of scrap metal boosted demand for refined copper.
ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009.
Yangshan copper premium rose to $114 a tonne, suggesting improving demand to import the metal into China
Warehouse stock for Copper at LME was at 223175mt that is down by -3000mt.
BUY COPPER OCT 2021 @ 709.00 SL 702.00 TGT 716.00-720.00.MCX
Zinc
Zinc trading range for the day is 256.1-263.9.
Zinc prices dropped as worries about demand in top consumer China, where a power crunch and rationing is shutting factories, triggered selling.
However downside seen limited as the market pinned its hopes on positive developments over the weekend that could lead to better Sino-U.S. relations.
Belgium-based Nyrstar has cut zinc production at its smelter in the Netherlands because of the rise in electricity prices in Europe.
Warehouse stock for Zinc at LME was at 215250mt that is down by -1925mt.
BUY ZINC OCT 2021 @ 264.00 SL 261.00 TGT 267.00-269.00.MCX
NICKEL
Nickel trading range for the day is 1435.4-1478.8.
Nickel prices dropped as the global nickel market deficit declined to 24,700 tonnes in July from a June shortfall of 32,400 tonnes
Expectations of output curbs on stainless steel mills in China because of power shortages have undermined sentiment in the nickel market.
In China, the nickel ore inventory rose at a lower pace, thus the tight supply pattern remains.
Warehouse stock for Nickel at LME was at 162690mt that is down by -1344mt
BUY NICKEL OCT 2021 @ 1475.00 SL 1460.00 TGT 1490.00-1504.00.MCX
Aluminium
Aluminium trading range for the day is 228.3-233.7.
Aluminium dropped as ShFE aluminium inventories rose for the first time in five weeks to 229,847 tonnes, easing supply shortage worries
China to release another 150,000 tonnes of metals from state reserves
US new housing sales in August rose 1.5% on the month, the highest in four months.
Warehouse stock for Aluminium at LME was at 1273750mt that is down by -7800mt
BUY ALUMINIUM OCT 2021 @ 235.00 SL 233.00 TGT 238.00-239.50.MCX
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