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Buy Aluminium Dec 2022 @ 204.00 SL 201.00 TGT 208.00-210.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 659-681.
Copper dropped as protests in several Chinese cities against the country's strict COVID19 curbs sparked uncertainty and dampened investor sentiment.
China's industrial firms saw overall profits decline further in the January-October period
Copper market in 10,000 tonne deficit in September – ICSG
Warehouse stock for Copper at LME was at 91200mt that is up by 450mt.
BUY COPPER DEC 2022 @ 670.00 SL 666.00 TGT 675.00-678.00.MCX
ZINC
Zinc trading range for the day is 257.7-267.7.
Zinc gains as China stepped up efforts to support the economy
Global zinc market deficit rises to 103,000 T in September – ILZSG
China imported 1,007 mt of refined zinc in October, down 77.55% on the month and 97.54% on the year.
Warehouse stock for Zinc at LME was at 41450mt that is unchange mt.
BUY ZINC DEC 2022 @ 262.00 SL 258.00 TGT 266.00-268.00.MCX
NICKEL
Nickel trading range for the day is 711.5-711.5.
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 52170mt that is up by 438mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203.4-208.4.
Aluminium dropped as the renewed pandemic outbreak across the country weighed on the market sentiment.
China stepped up efforts to support the economy, fuelling speculation of a pick up in demand and offering some respite to prices.
LME has decided against banning Russian metal from being traded and stored in its warehouses
Warehouse stock for Aluminium at LME was at 503700mt that is down by -2575mt.
BUY ALUMINIUM DEC 2022 @ 204.00 SL 201.00 TGT 208.00-210.00.MCX
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