Buy Aluminium Dec 2022 @ 210.00 SL 207.00 TGT 214.00-216.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 693-724.6.
Copper prices climbed tracking China's property shares, but gains were limited by surging COVID-19 infections in China.
Support seen after cooler-than-expected inflation in the US ramped up hopes that Fed could end its tightening cycle at a lower interest rate.
Visible copper inventories remain low, with Goldman Sachs predicting a supply deficit in 2023 and prices at $11,000 in a year.
Warehouse stock for Copper at LME was at 81875mt that is down by -2425mt.
BUY COPPER DEC 2022 @ 702.00 SL 697.00 TGT 708.00-712.00.MCX
ZINC
Zinc trading range for the day is 285-295.
Zinc rose as LME zinc inventory continued to fall last week, standing at 39,750 mt, its lowest in more than 32 years.
Nyrstar's Auby zinc plant on care and maintenance until further notice
Global zinc market deficit rises to 103,000 T in September – ILZSG
Warehouse stock for Zinc at LME was at 36650mt that is down by -50mt.
BUY ZINC DEC 2022 @ 286.00 SL 283.00 TGT 291.00-294.00.MCX
NICKEL
Nickel trading range for the day is 815-815
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 52878mt that is up by 870mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.2-216.
Aluminum gains as Guizhou’s electricity is in short supply, and aluminium smelters may reduce their capacity by 20%.
China produced around 3.34 million mt aluminium in November, up 8.7% YoY
Some aluminium processing plants plan to close early for the Chinese New Year.
Warehouse stock for Aluminium at LME was at 496425mt that is up by 32100mt.
BUY ALUMINIUM DEC 2022 @ 210.00 SL 207.00 TGT 214.00-216.00.MCX
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