Copper trading range for the day is 518.3-538.9.
Copper gained amid expectation of China;s demand after prices dropped earlier as the dollar climbed
China's refined copper output in August rose from the previous month on lower maintenance at smelters, official data showed.
Refined copper output stood at 894,000 tonnes last month, the National Bureau of Statistics said, up from 814,000 tonnes in July
Warehouse stock for Copper at LME was at 78750mt that is down by -150mt.
SELL COPPER SEP 2020 @ 528.00 SL 532.00 TGT 523.50-535.00.MCX
Zinc trading range for the day is 191.1-197.9.
Zinc dropped after the Fed pledged to keep interest rates low for a long time but stopped short of offering further on stimulus
China's August zinc output was up 5.1% y/y at 539,000 tonnes - statistics bureau
China’s refined zinc output in August was higher than expectations as the treatment charges (TCs) for domestic zinc concentrate rose.
Warehouse stock for Zinc at LME was at 219525mt that is down by -100mt.
SELL ZINC SEP 2020 @ 194.50 SL 196.50 TGT 192.00-197.00.MCX
Nickel trading range for the day is 1089.7-1118.5.
Nickel dropped as US dollar gained after the Federal Reserve kept interest rates pinned near zero.
Fed expects the US economic recovery from the coronavirus crisis to accelerate with unemployment falling faster than the central bank expected in June.
In economic projections, Fed policymakers at the median see economic growth dropping by 3.7% this year
Warehouse stock for Nickel at LME was at 236988mt that is down by -288mt.
Aluminium trading range for the day is 143.6-145.2.
Aluminium prices dropped amid commissioning of new capacities and tepid consumption.
China's August alumina output rose 6.6% on an annual basis at 6.45 million tonnes - statistics bureau
China’s primary aluminium output to stand at 3.1 million mt in September, up 7.19% year on year.
Warehouse stock for Aluminium at LME was at 1506425mt that is down by -3975mt.
SELL ALUMINIUM SEP 2020 @ 144.60 SL 146.20 TGT 143.00-147.50.MCX
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