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COPPER

Copper trading range for the day is 710.9-725.3.

Copper prices slipped on a stronger dollar and concern about the impact of power cuts in China, where the economy has already been weakening.

Profit growth at China’s industrial firms slowed for a sixth month as plants fought off high commodity prices, COVID-19 outbreaks and part shortages.

MG Ltd said it would stop operations at its copper mine at Las Bambas in Peru

Warehouse stock for Copper at LME was at 226625mt that is up by 3450mt.

BUY COPPER OCT 2021 @ 716.00 SL 712.00 TGT 721.00-724.50.MCX

ZINC

Zinc trading range for the day is 256.7-263.1.

Zinc prices pared gains as global zinc market deficit declines to 6,600 T in July, ILZSG says

The ILZSG data showed a surplus of 11,000 tonnes, down from a surplus of 420,000 tonnes in the same period of 2020

The energy crisis in Eurozone intensified, which is likely to extend to countries all over the world but with varying degrees.

Warehouse stock for Zinc at LME was at 214325mt that is down by -925mt

BUY ZINC OCT 2021 @ 259.00 SL 257.00 TGT 261.00-262.40.MCX

NICKEL

Nickel trading range for the day is 1409.6-1448.

Nickel dropped on profit booking as widening power shortages in China raised expectations of output curbs on stainless steel mills.

At the same time, demand from the Chinese property sector, is seen falling due to the unsolved Evergrande debt crisis.

Nickel inventories in ShFE warehouses fell to a record low of 4,455 tonnes in August while stockpiles in LME warehouses declined over 30% since mid-April.

Warehouse stock for Nickel at LME was at 160230mt that is down by -2460mt.

BUY NICKEL OCT 2021 @ 1420.00 SL 1405.00 TGT 1438.00-1450.00.MCX

ALUMINIUM

Aluminium trading range for the day is 226.8-239.2.

Aluminium prices rose the People's Bank of China continued to inject a net CNY 100 billion of 14-day reverse repos at an interest rate of 2.35 percent

The social inventory of aluminium trended up again due to suppressed downstream demand on the back of power rationing

The fourth batch of government reserves to be released has been officially announced.

Warehouse stock for Aluminium at LME was at 1256450mt that is down by -17300mt.

BUY ALUMINIUM OCT 2021 @ 234.00 SL 232.00 TGT 236.00-237.20.MCX

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