Buy Copper December 2022 @ 692.00 SL 688.00 TGT 697.00-700.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 685.9-707.9.
Copper dropped as the dollar index rose to above 105 on renewed prospects for a more aggressive Federal Reserve
China may announce 10 new COVID easing steps on Wednesday
Chile copper production up 1.4% in October
Warehouse stock for Copper at LME was at 86725mt that is down by -725mt.
BUY COPPER DEC 2022 @ 692.00 SL 688.00 TGT 697.00-700.00.MCX
ZINC
Zinc trading range for the day is 270.8-279.8.
Zinc rose as the market confidence was boosted by the signs of relaxing pandemic control measures in China
China may announce 10 new COVID-19 easing measures as early as Wednesday
Zinc ingot social inventory across the seven markets in China totalled 54,500 mt, up 3,400 mt from last Friday
Warehouse stock for Zinc at LME was at 39750mt that is down by -600mt.
BUY ZINC DEC 2022 @ 272.00 SL 268.00 TGT 276.00-280.00.MCX
NICKEL
Nickel trading range for the day is 792.1-792.1.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 53202mt that is up by 270mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.6-219.4.
Aluminum gains amid declining inventories and Smelters in northern China are cutting output to reduce pollution during the winter.
However, risk appetites dimmed after data showed that U.S. manufacturing activity contracted for the first time in 2-1/2 years in November
Globally, factory output fell in countries including China, Japan and South Korea, although the downturn eased in Europe.
Warehouse stock for Aluminium at LME was at 495550mt that is down by -2375mt.
BUY ALUMINIUM DEC 2022 @ 212.00 SL 209.00 TGT 215.00-218.00.MCX
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