Buy Copper Dec 2021 @ 732.00 SL 726.00 TGT 738.00-742.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.2-750.4.
Copper gains buoyed by dwindling inventories in the LME and prospects of higher demand amid signs of an improvement in demand
Inventories on the LME are still down about 18% so far this year and are at near historically low levels.
On-warrant copper stocks in LME-registered warehouses have climbed to 62,775 tonnes compared to 23,300 tonnes a month ago.
Warehouse stock for Copper at LME was at 81600mt that is down by -4925mt.
BUY COPPER DEC 2021 @ 732.00 SL 726.00 TGT 738.00-742.00.MCX
ZINC
Zinc trading range for the day is 270-282.
Zinc dropped as the demand from end-users was less than expected after zinc prices fell
Glencore's Portovesme zinc operation to enter care and maintenance
Global zinc production is estimated at about 14 million tonnes this year, with about half of that expected to come from China
Warehouse stock for Zinc at LME was at 171425mt that is down by -3600mt.
BUY ZINC DEC 2021 @ 274.50 SL 272.00 TGT 277.00-279.00.MCX
NICKEL
Nickel trading range for the day is 1535.4-1580.
Nickel gained as the pure nickel inventory has been low and dropped continuously, underpinning nickel prices.
China NPI and Ferronickel Imports Dipped 2.42% in October
Monsoon season in Philippines drove declines in China nickel ore imports in October
Warehouse stock for Nickel at LME was at 118164mt that is down by -3054mt.
BUY NICKEL DEC 2021 @ 1536.00 SL 1520.00 TGT 1554.00-1568.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.5-217.3.
Aluminium prices dropped as the demand remained muted despite supply tightened again.
Global primary aluminium output rose to 5.689 million tonnes in October, up 1.2% year on year
China's aluminium imports in October rose by 17.4% from the previous month to their highest since July
Warehouse stock for Aluminium at LME was at 935750mt that is down by -7375mt.
BUY ALUMINIUM DEC 2021 @ 211.00 SL 209.00 TGT 213.80-215.50.MCX
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