Buy Copper Dec 2021 @ 738.00 SL 732.00 TGT 744.00-746.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 724.8-748.8.
Copper prices dropped as the dollar ticked higher, while signs of easing tightness in nearby supplies of the metal also weighed on the market.
China's factory gate prices rose 12.9% from a year earlier in November amid a government crackdown on runaway commodity prices
On-warrant LME-registered stocks rose to a one-month high of 76,250 tonnes.
Warehouse stock for Copper at LME was at 77925mt that is up by 2750mt.
BUY COPPER DEC 2021 @ 738.00 SL 732.00 TGT 744.00-746.50.MCX
ZINC
Zinc trading range for the day is 272.8-282.2.
Zinc prices dropped as the dollar firmed, Omicron fears subsided and attention turned to the unwinding of U.S. monetary stimulus
China's Nov PPI +12.9% y/y, CPI +2.3% y/y
China central bank raises forex reserve requirement ratio to 9%
Warehouse stock for Zinc at LME was at 150400mt that is down by -275mt.
BUY ZINC DEC 2021 @ 276.50 SL 274.50 TGT 278.60-280.00.MCX
NICKEL
Nickel trading range for the day is 1538.1-1581.1.
Nickel prices dropped after reports China's Tsingshan starts producing EV battery raw material nickel matte in Indonesia
China's factory-gate inflation slowed in November, driven by a government crackdown on runaway commodity prices
The domestic refined nickel output stood at 15,200 mt in November, up 4.86% or 706 mt month-on-month.
Warehouse stock for Nickel at LME was at 108918mt that is down by -1068mt.
BUY NICKEL DEC 2021 @ 1566.00 SL 1554.00 TGT 1580.00-1588.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211-216.8.
Aluminium prices remained supported as aluminium output remained at a low level.
China raises banks' FX reserve requirements for 2nd time this year
China central bank raises forex reserve requirement ratio to 9%
Warehouse stock for Aluminium at LME was at 890650mt that is down by -3700mt.
BUY ALUMINIUM DEC 2021 @ 212.00 SL 210.00 TGT 214.00-215.50.MCX
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