Buy Aluminium Sep 2021 @ 214.50 SL 212.50 TGT 216.80-218.20.Mcx - Kedia Advisory
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Copper
Copper trading range for the day is 709.8-720.
Copper prices seen some pressure as Minera Lumina Copper said that it had reached an agreement with workers at its Caserones mine in Chile
Copper inventory across major Chinese markets added 2,800 mt to 133,900 mt
Data showed that China’s copper cathode output stood at 819,400 mt in August, down 1.3% month on month, but up 1.1% year on year.
Warehouse stock for Copper at LME was at 250700mt that is down by -1525mt.
BUY COPPER SEP 2021 @ 712.50 SL 708.00 TGT 718.00-722.00.MCX
Zinc
Zinc trading range for the day is 245.1-247.5.
Zinc prices gained as China social inventories continued to fall, supporting long sentiment.
However, the released government reserves will constrain the uptrend room of zinc prices.
Non-farm payrolls report fell short of expectations, indicating that Fed is unlikely to terminate stimulus policies soon.
Warehouse stock for Zinc at LME was at 235775mt that is down by -450mt.
BUY ZINC SEP 2021 @ 244.80 SL 243.00 TGT 247.00-248.40.MCX
Nickel
Nickel trading range for the day is 1447.2-1483.2.
Nickel prices dropped as demand for nickel may trend down amid production restrictions, signalling bearish nickel prices.
However some support seen amid market panic arousing from confirmed output cut or operation suspension across several steel mills.
Refined nickel inventories in ShFE warehouses hit a record low of 4,455 tonnes, down 89% from a year earlier.
Warehouse stock for Nickel at LME was at 187602mt that is down by -1074mt.
BUY NICKEL SEP 2021 @ 1456.00 SL 1442.00 TGT 1472.00-1484.00.MCX
Aluminium
Aluminium trading range for the day is 213.8-220.6.
Aluminium prices rallied as a coup in major bauxite supplier Guinea raised fear of further supply disruption in the downstream market.
Market will continue to pay attention to the impact of electricity curtailment on aluminium supply.
New aluminium capacity to eventually tame rampant prices
Warehouse stock for Aluminium at LME was at 1341000mt that is down by -2425mt.
BUY ALUMINIUM SEP 2021 @ 214.50 SL 212.50 TGT 216.80-218.20.MCX
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