Buy Auminium Nov 2022 @ 208.00 SL 205.00 TGT 212.00-214.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 688.1-711.5.
Copper eased as Fed officials drove investors to reassess how aggressive the central bank may be before ending its tightening cycle, easing expectations of demand.
However, demand prospects brightened after top consumer China relaxed some of its strict COVID-19 restrictions and announced more support.
Chinese regulators have told financial institutions to extend more support to property developers to shore up the struggling real estate sector.
Warehouse stock for Copper at LME was at 86800mt that is up by 8925mt.
BUY COPPER NOV 2022 @ 692.00 SL 687.00 TGT 698.00-704.00.MCX
Zinc
Zinc trading range for the day is 267.2-284.8.
Zinc rose after China eased some coronavirus rules, fuelling expectations that it will abandon a zero-COVID policy.
China's easing included shortening quarantines by two days for close contacts of infected people and for inbound travellers.
Data shows that zinc ingot social inventories across seven major markets in China totalled 60,500 mt as of November 11, up 400 mt
Warehouse stock for Zinc at LME was at 42900mt that is down by -75mt.
BUY ZINC NOV 2022 @ 274.00 SL 270.00 TGT 280.00-284.00.MCX
Nickel
Nickel trading range for the day is 725.3-725.3
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at410,000 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 50172mt that is down by -132mt.
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 206.1-215.5
Aluminum dropped amid persistent fears of a demand-sapping global recession triggeredby an aggressive tightening campaign from major central banks
The capacity recovery in Guangxi and commissioning of new capacities in Guizhou andInner Mongolia fell short, easing the supply pressure
LME will not ban Russian metal from its system
Warehouse stock for Aluminium at LME was at 544025mt that is down by -5250mt.
BUY ALUMINIUM NOV 2022 @ 208.00 SL 205.00 TGT 212.00-214.00.MCX
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