Buy Copper DEC 2022 @ 703.00 SL 698.00 TGT 710.00-715.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 696.9-717.3.
Copper gains amid expectations of improving demand from China
A relaxation in COVID-19 curbs in China raised hopes of better demand.
China Nov copper imports rise on steady demand outlook
Warehouse stock for Copper at LME was at 87375mt that is up by 1725mt.
BUY COPPER DEC 2022 @ 703.00 SL 698.00 TGT 710.00-715.00.MCX
Zinc
Zinc trading range for the day is 279.7-289.9.
Zinc gained as LME zinc inventory has entered a downward track since early September, and continued to fall last week
China's refined zinc output stood at 524,700 mt in November, up 10,600 mt or 2.06% MoM
The market players have been increasingly worried about the demand outlook in China
Warehouse stock for Zinc at LME was at 38400mt that is down by -175mt.
BUY ZINC DEC 2022 @ 280.00 SL 276.00 TGT 285.00-290.00.MCX
Nickel
Nickel trading range for the day is 866.7-866.7.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 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 52542mt that is up by 12mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 213-218.4.
Aluminium settled flat paring most of its gains as Smelters in Gansu and Inner Mongolia continued to resume production.
Pressure also seen as the investors started to worry about the US rate hike pace and demand outlook in China.
China's trade surplus declined to USD 69.84 billion in November 202 from USD 71.7 billion in the same month the prior year
Warehouse stock for Aluminium at LME was at 477425mt that is down by -6150mt.
BUY ALUMINIUM DEC 2022 @ 213.00 SL 210.00 TGT 216.00-218.00.MCX
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