Buy Copper Dec 2021 @ 734.00 SL 730.00 TGT 738.00-744.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 735.1-759.5.
Copper prices dropped as the global world refined copper market showed a 52,000 tonnes surplus in August
However, downside seen limited helped by China's efforts to bolster its cash-strapped property sector and on concerns over tight global supply
On-warrant LME copper inventories have slumped to 62,225 tonnes, down nearly 74% from 238,725 tonnes in August.
Warehouse stock for Copper at LME was at 82600mt that is up by 375mt.
BUY COPPER DEC 2021 @ 734.00 SL 730.00 TGT 738.00-744.00.MCX
ZINC
Copper trading range for the day is 735.1-759.5.
Copper prices dropped as the global world refined copper market showed a 52,000 tonnes surplus in August
However, downside seen limited helped by China's efforts to bolster its cash-strapped property sector and on concerns over tight global supply
On-warrant LME copper inventories have slumped to 62,225 tonnes, down nearly 74% from 238,725 tonnes in August.
Warehouse stock for Copper at LME was at 82600mt that is up by 375mt.
BUY COPPER DEC 2021 @ 734.00 SL 730.00 TGT 738.00-744.00.MCX
NICKEL
Nickel trading range for the day is 1550-1617.6.
Nickel prices dropped as production capacity of high-grade nickel matte to increase 40,000 mt in Indonesia
However, downside seen limited as as low inventories pointed to tight supply
Chinese efforts to support its economy bolstered the demand outlook.
Warehouse stock for Nickel at LME was at 116712mt that is down by -636mt.
SELL NICKEL DEC 2021 @ 1525.00 SL 1540.00 TGT 1510.00-1496.00.MCX
ALUMINIUM
Aluminium trading range for the day is 214-220.4.
Aluminium gained amid supply disruption concerns.
China produced 3.16 million mt of aluminium in October, down 2.55% on the year.
Data showed that China’s alumina output was 6.29 million mt in October
Warehouse stock for Aluminium at LME was at 919225mt that is down by -4475mt.
SELL ALUMINIUM DEC 2021 @ 208.00 SL 210.00 TGT 205.50-203.50.MCX
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