Buy Copper DEC 2021 @ 741.00 SL 736.00 TGT 746.50-749.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 740.9-755.3.
Copper rose as tight supply and renewed risk appetite countered concerns over the rapidly spreading Omicron coronavirus variant across the globe
ShFE warehouses were at 34,580 tonnes, the lowest since 2009.
The global output of refined copper rose nearly 1.7% on year to 18.50 mln tn in Jan-Sep.
Warehouse stock for Copper at LME was at 89400mt that is down by -525mt.
BUY COPPER DEC 2021 @ 741.00 SL 736.00 TGT 746.50-749.00.MCX
ZINC
Zinc trading range for the day is 281.7-296.1.
Zinc prices rallied on supply worries
High power prices have forced some zinc smelters to suspend operations
Nyrstar's Auby zinc operation on care and maintenance from Jan
Warehouse stock for Zinc at LME was at 203900mt that is down by -325mt.
BUY ZINC DEC 2021 @ 284.50 SL 282.00 TGT 287.50-289.00.MCX
NICKEL
Nickel trading range for the day is 1539.1-1570.9.
Nickel gained as prices getting some support as pure nickel inventory was still at a low level.
The global nickel market saw a small surplus of 5,000 tonnes in October compared with a shortfall of 3,100 tonnes a month earlier
China imported 4.01 million mt of nickel ore and its concentrate in November, a decrease of 10% from the previous month
Warehouse stock for Nickel at LME was at 104310mt that is down by -210mt.
BUY NICKEL DEC 2021 @ 1535.00 SL 1520.00 TGT 1552.00-1560.00.MCX
ALUMINIUM
Aluminium trading range for the day is 219.8-229.2.
Aluminium rose hit by production stoppages due to power issues.
The European Union said it will place extra tariffs on aluminium foil coming from China
China has the confidence, condition, and ability to keep economic growth at a reasonable level.
Warehouse stock for Aluminium at LME was at 970425mt that is down by -1175mt.
BUY ALUMINIUM DEC 2021 @ 221.00 SL 219.00 TGT 223.50-225.00.MCX
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