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Published on 21/09/2020 12:36:44 PM | Source: Kedia Advisory

Buy Nickel SEP 2020 @ 1102.00 SL 1092.00 TGT 1115.00-1124.00.MCX - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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COPPER

* Copper trading range for the day is 526-544.2

* Copper gained buoyed by a weaker dollar and strong fund buying on hopes that Chinese stimulus would spur demand.

* LME cash copper prices have traded around $25 higher than three months prices in the backwardated market structure that suggests low copper stocks in markets

* Stocks of copper in Shanghai bonded areas increased for the seventh consecutive week, as domestic consumption remained weak.

* Warehouse stock for Copper at LME was at 78900mt that is up by 150mt.

BUY COPPER SEP 2020 @ 530.00 SL 526.00 TGT 534.50-538.00.MCX

 

ZINC

* Zinc trading range for the day is 194.6-199.8.

* Zinc prices gained as resurgent Chinese industry bolstered the outlook for demand.

* Stocks in Shanghai Futures Exchange sheds have slipped to 58,453 tonnes from 170,000 tonnes in March.

* The discount of cash zinc to the three-month contract on the LME shrank to $21.40 a tonne from $31 earlier this month, suggesting tighter nearby supply.

* Warehouse stock for Zinc at LME was at 219525mt that is unchange mt.

BUY ZINC SEP 2020 @ 194.80 SL 193.40 TGT 196.40-197.60.MCX

 

NICKEL

* Nickel trading range for the day is 1073.1-1121.5.

* Nickel dropped as pressure seen nickel ore inventories across all Chinese ports increased

* Nickel ore inventories across all Chinese ports increased 43,000 wmt from September 11 to 8.95 million wmt

* China’s refined nickel output declined 2.25% or 330 mt from July, but rose 12.94% from a year earlier, to 14,300 mt in August.

* Warehouse stock for Nickel at LME was at 236526mt that is down by -462mt.

BUY NICKEL SEP 2020 @ 1102.00 SL 1092.00 TGT 1115.00-1124.00.MCX

 

ALUMINIUM

* Aluminium trading range for the day is 144-145.2.

* Aluminium gains as uncertainty over the economic outlook weighed on US dollar index.

* Prices also remained supported amid tightened supply of imported scrap aluminium and falling aluminium social inventories.

* Investors remained on edge about the outlook on further coronavirus stimulus as well as the timing of a viable vaccine.

* Warehouse stock for Aluminium at LME was at 1504175mt that is down by -2250mt.

BUY ALUMINIUM SEP 2020 @ 144.00 SL 142.50 TGT 145.50-146.20.MCX

 

 

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