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Buy Copper Dec 2021 @ 732.00 SL 726.00 TGT 740.00-744.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 714.4-739.8.
Copper prices came under pressure due to worries about the Omicron coronavirus variant and its impact on demand and growth.
Copper stocks in LME registered warehouses have been falling since late August and now stand at 76,450 tonnes.
Worries about copper availability on the LME market have for some weeks now created a scramble for nearby delivery
Warehouse stock for Copper at LME was at 76450mt that is down by -3625mt.
BUY COPPER DEC 2021 @ 732.00 SL 726.00 TGT 740.00-744.00.MCX
ZINC
Zinc trading range for the day is 265.8-278.8.
Zinc dropped after Moderna's set off alarm bells with a warning that existing COVID-19 vaccines would be less effective against the Omicron variant.
Eerier in the day prices rose as the zinc inventory has been at a low level, supporting zinc prices.
On the supply side, the overseas production was reduced amid high electricity prices, and zinc ore supply also dropped.
Warehouse stock for Zinc at LME was at 158975mt that is down by -2475mt.
BUY ZINC DEC 2021 @ 271.50 SL 269.00 TGT 275.00-277.00.MCX
NICKEL
Nickel trading range for the day is 1518.1-1577.5.
Nickel prices dropped amid stronger risk aversion sentiments, however, the low inventory limited the downside.
Stocks of nickel at 114,360 tonnes in LME warehouses are less than half the level seen in late April.
Cancelled warrants at 48% indicate a further 55,098 tonnes are due to leave.
Warehouse stock for Nickel at LME was at 114360mt that is down by -936mt.
BUY NICKEL DEC 2021 @ 1544.00 SL 1528.00 TGT 1564.00-1574.00.MCX
ALUMINIUM
Aluminium trading range for the day is 207.9-214.9.
Aluminium dropped as the demand is unlikely to pick up greatly by the end of the year amid environmental protection-related restrictions.
Aluminium smelters in north China are expected to reduce the output in the heating season and during the Beijing Winter Olympics. industry.
One Global aluminium producer seeks Q1 premiums of $195/T
Warehouse stock for Aluminium at LME was at 900975mt that is down by -8250mt.
BUY ALUMINIUM DEC 2021 @ 210.00 SL 207.50 TGT 213.50-215.50.MCX
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