Copper trading range for the day is 525.1-535.1.
Copper prices seen supported as strong demand in top consumer China, historically low inventories in LME warehouses and a lower dollar boosted sentiment
Confidence in Chinese demand was reinforced by Chinese banks extending more new loans in August than expected, while broad credit growth quickened.
Stocks of copper in LME-approved warehouses, are at their lowest since 2005, when the commodity price bull run took off, triggered by accelerating Chinese demand
Warehouse stock for Copper at LME was at 78550mt that is up by 3675mt
BUY COPPER SEP 2020 @ 527.00 SL 523.00 TGT 532.00-536.00.MCX
Zinc trading range for the day is 190.7-198.1.
Zinc prices gained buoyed by signs of accelerating industrial demand in China, the world's biggest consumer of metals.
Weaker US dollar and positive news about a COVID-19 vaccine boosted market sentiment.
China's industrial output growth accelerated in August, while retail sales expanded for the first time this year
Warehouse stock for Zinc at LME was at 219700mt that is unchange mt.
BUY ZINC SEP 2020 @ 191.80 SL 190.00 TGT 193.80-195.50.MCX
Nickel trading range for the day is 1106.1-1134.1.
Nickel pared gains after price seen supported earlier with investor sentiment supported by Chinese data and optimism about COVID-19 vaccines.
China's industrial output rose 5.6% in August from a year ago, expanding for the fifth straight month in a boost to an economy.
China's retail sales rose 0.5% last month from a year earlier, data showed, expanding for the first time this year
Warehouse stock for Nickel at LME was at 237180mt that is up by 180mt.
BUY NICKEL SEP 2020 @ 1116.00 SL 1105.00 TGT 1128.00-1136.00.MCX
Aluminium trading range for the day is 144.3-147.5.
Aluminium prices dropped on profit booking after prices gained on dollar weakness and dovish Fed policy hopes.
Further downside seen limited as both industrial production and retail sales of China bettered estimates.
China's aluminium production in August rose 2.3% from a month earlier, setting a record high for a second month.
Warehouse stock for Aluminium at LME was at 1513925mt that is down by -2575mt.
BUY ALUMINIUM SEP 2020 @ 145.80 SL 144.50 TGT 147.20-148.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer