Buy Aluminium Sep 2021 @ 226.00 SL 224.40 TGT 227.60-228.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 717.9-745.5.
Copper gained as the dollar dipped on lower-than-expected U.S. inflation figures that softened expectations for stimulus to be tapered soon.
Capping gains in most metals were faltering factory and retail activity in August in China, owing to new coronavirus outbreaks and supply disruptions.
LME copper spreads remain in contango, indicating adequate nearby supply
Warehouse stock for Copper at LME was at 234000mt that is down by -1950mt
BUY COPPER SEP 2021 @ 720.00 SL 716.00 TGT 726.00-730.00.MCX
Zinc
Zinc trading range for the day is 250.1-257.9.
Zinc prices rose as China's industrial output grew 5.3% in August from the same period a year ago
China's industrial output rose 5.3% y/y in August, retail sales up 2.5%
China c.bank rolls over medium-term loans, rate unchanged for 17th month
Warehouse stock for Zinc at LME was at 228800mt that is down by -900mt
BUY ZINC SEP 2021 @ 250.50 SL 248.50 TGT 252.00-254.00.MCX
NICKEL
Nickel trading range for the day is 1469.7-1548.1.
Nickel prices rose as ferronickel mills reduced their production due to power rationing and energy consumption control.
The output of nickel sulphate in August and September was higher than expected The expectation of tight NPI supply strengthened, and the price spread between NPI and refined nickel further shrank.
Warehouse stock for Nickel at LME was at 174282mt that is down by -1326mt.
BUY NICKEL SEP 2021 @ 1480.00 SL 1466.00 TGT 1496.00-1506.00.MCX
Aluminium
Aluminium trading range for the day is 224.2-233.2.
Aluminium prices rose powered by further cuts to production in China
Aluminium producer Shaanxi Nonferrous Yulin New Material will have to reduce its output by 50% in September
China Aug aluminium output up 0.4% y/y at 3.16 mln tonnes – stats bureau
Warehouse stock for Aluminium at LME was at 1299900mt that is down by -3600mt
BUY ALUMINIUM SEP 2021 @ 226.00 SL 224.40 TGT 227.60-228.50.MCX
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