Buy Copper Dec 2021 @ 726.00 SL 720.00 TGT 734.00-738.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 725.5-744.5.
Copper climbs as inventories outweigh easing Omicron fears
Copper stocks in LME-registered warehouse, at 80,075 tonnes, are about a third of levels registered in late August.
China's Nov factory activity likely contracted at a slower pace
Warehouse stock for Copper at LME was at 80075mt that is down by -3725mt.
BUY COPPER DEC 2021 @ 726.00 SL 720.00 TGT 734.00-738.00.MCX
ZINC
Zinc trading range for the day is 266.7-276.9.
Zinc prices gained amid output cuts among overseas smelters due to high electricity prices.
Falling zinc stocks on the LME, down 20% to 161,450 tonnes since April, cancelled warrants at 22%
The premium was last at $128 a tonne while three-month zinc rose 0.2% to $3,199.
Warehouse stock for Zinc at LME was at 161450mt that is down by -1825mt.
BUY ZINC DEC 2021 @ 268.00 SL 265.00 TGT 272.00-274.50.MCX
NICKEL
Nickel trading range for the day is 1534.7-1575.1.
Nickel prices remained supported after the market concerns of new COVID-19 variant subsided.
The stainless steel sector’s demand for nickel weakened, and the market transaction was also slack.
The global nickel market deficit narrowed to 5,200 tonnes in September from a shortfall a month earlier of 14,600 tonnes
Warehouse stock for Nickel at LME was at 115296mt that is down by -150mt.
BUY NICKEL DEC 2021 @ 1540.00 SL 1520.00 TGT 1562.00-1574.00.MCX
ALUMINIUM
Aluminium trading range for the day is 207.7-216.3.
Aluminium gained on concerns about tighter supplies and as demand fears from the Omicron coronavirus variant eased
China's Nov factory activity likely contracted at a slower pace
Power curbs in China have reduced around 7% of domestic aluminum annual capacity so far this year
Warehouse stock for Aluminium at LME was at 909225mt that is down by -6625mt.
BUY ALUMINIUM DEC 2021 @ 208.00 SL 206.00 TGT 210.50-212.00.MCX
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