Buy Copper OCT 2021 @ 736.50 SL 730.00 TGT 745.00-750.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 723.3-753.3.
Copper prices rose as the energy crisis has overwhelmed the globe.
US non-farm payrolls for September added 194,000, which was way below the market estimated and recorded the slowest gain since the beginning of this year.
The ration of cancelled warrants of LME copper still stood at an extremely high level, while the registered warrants remained low.
Warehouse stock for Copper at LME was at 197650mt that is down by -1600mt.
BUY COPPER OCT 2021 @ 736.50 SL 730.00 TGT 745.00-750.00.MCX
ZINC
Zinc trading range for the day is 260.4-278.6.
Zinc prices rose as overseas energy issue intensifies and the production of smelters reduces further.
The supply of global zinc concentrate has been tight in 2021.
Citi raises zinc Q1, 2022 average price forecast to $2,900/t from $2,800/t
Warehouse stock for Zinc at LME was at 193850mt that is down by -3500mt.
BUY ZINC OCT 2021 @ 267.00 SL 265.00 TGT 271.00-272.80.MCX
NICKEL
Nickel trading range for the day is 1454.9-1534.5.
Nickel dropped on profit booking after prices rose as supply worries deepened on the back of Chinese power shortages
Widespread power shortages in China and higher electricity prices in Europe have dampened production in some sectors of those economies.
Citi lowers nickel 0-3 month target to $17,000/t, with $18,300/t average for 4Q'21
Warehouse stock for Nickel at LME was at 148878mt that is down by -534mt.
BUY NICKEL OCT 2021 @ 1476.00 SL 1460.00 TGT 1498.00-1515.00.MCX
ALUMINIUM
Aluminium trading range for the day is 233.9-250.1.
Aluminium prices rose due to increases in costs of energy and raw materials used to make the metal and output cuts by China.
China's production, already curbed by a government anti-pollution drive, has been further hit by power shortages gripping the country.
Russian aluminium exports rose in the first eight months of 2021
Warehouse stock for Aluminium at LME was at 1150225mt that is down by -20575mt.
BUY ALUMINIUM OCT 2021 @ 241.00 SL 239.00 TGT 244.00-245.80.MCX
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