Buy Copper DEC 2021 @ 748.00 SL 742.00 TGT 755.00-758.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 741.7-755.7.
Copper prices dropped as the spreading COVID variants kept the market participants on edge, and they were again worrying the progress of economic recovery.
However, fears that the omicron variant would derail economic growth receded and President Biden said the US will not go back to lockdown.
Higher supplies and softer demand are expected to cool copper prices next year after a dizzying climb to record highs this year
Warehouse stock for Copper at LME was at 89125mt that is down by -275mt.
BUY COPPER DEC 2021 @ 748.00 SL 742.00 TGT 755.00-758.00.MCX
ZINC
Zinc trading range for the day is 284.3-293.7.
Zinc dropped on profit booking after prices rallied as surging energy prices raise concerns of higher production costs and smelter shutdowns.
Investors hope the Omicron coronavirus variant will have less economic impact than feared.
Global zinc market deficit narrows to 6,100 T in Oct – ILZSG
Warehouse stock for Zinc at LME was at 203400mt that is down by -500mt.
BUY ZINC DEC 2021 @ 289.50 SL 287.00 TGT 292.50-294.50.MCX
NICKEL
Nickel trading range for the day is 1545.7-1581.7.
Nickel gains as prices drew support from revived risk appetite across markets as investors hope the Omicron coronavirus variant will have less economic impact.
Nickel inventories in LME warehouses fell 58% from April to 110,358 tonnes, their lowest since December 2019.
Inventories in ShFE warehouses were at 5,563 tonnes last week, hovering near a record low of 4,455 tonnes hit in August.
Warehouse stock for Nickel at LME was at 104160mt that is down by -150mt.
BUY NICKEL DEC 2021 @ 1552.00 SL 1538.00 TGT 1566.00-1574.00.MCX
ALUMINIUM
Aluminium trading range for the day is 222.1-228.9.
Aluminum jumped boosted by worries over tight supplies.
Aluminum production in Europe is again under pressure as electricity prices roared back to record levels.
Data showed China's output of alumina, fell in November by 4.5% year-on-year to its lowest in 18 months
Warehouse stock for Aluminium at LME was at 968650mt that is down by -1775mt.
BUY ALUMINIUM DEC 2021 @ 226.50 SL 224.50 TGT 230.00-232.00.MCX
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