Buy Copper Dec 2021 @ 738.00 SL 732.00 TGT 745.00-748.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 731.7-759.7.
Copper prices rose after top consumer China announced measures to shore up its property sector
Further price support came from signs of tight supply, with stocks of most metals in London Metal Exchange (LME) warehouses falling
Copper stocks in ShFE-registered warehouses were at 34,918 tonnes, the lowest since June 2009.
Warehouse stock for Copper at LME was at 82225mt that is up by 625mt.
BUY COPPER DEC 2021 @ 738.00 SL 732.00 TGT 745.00-748.00.MCX
ZINC
Zinc trading range for the day is 271.4-281.2.
Zinc rose amid global supply concerns after miner and Glencore floated plans to put its zinc sulphide operations in Italy on hold for maintenance.
Glencore said the zinc plant in Portovesme, with a capacity of 100,000 tonnes a year, will be put on care and maintenance
The premium of LME cash zinc over the three-month contract rose to $52.80 a tonne, its highest since Oct. 29, indicating tightening nearby supplies
Warehouse stock for Zinc at LME was at 167875mt that is down by -3550mt.
BUY ZINC DEC 2021 @ 273.00 SL 270.50 TGT 275.50-277.00.MCX
NICKEL
Nickel trading range for the day is 1530.8-1634.4.
Nickel gained as tight supplies and easing concerns about Chinese demand lent the metal some support
LME nickel was up 3.2% at $21,000 a tonne, climbing towards last month's seven-year high of $21,425.
On-warrant inventories in LME-registered warehouses have fallen to 65,922 tonnes, down from more than 200,000 tonnes in April
Warehouse stock for Nickel at LME was at 117348mt that is down by -816mt.
BUY NICKEL DEC 2021 @ 1548.00 SL 1532.00 TGT 1568.00-1580.00.MCX
ALUMINIUM
Aluminium trading range for the day is 212-219.
Aluminium rose amid supply disruption concerns.
Several alumina refiners and aluminium smelters in the north were expected to reduce their output in the heating season
The aluminum plant in China's Yunnan province with an annual capacity of 300,000 tonnes stopped production after an explosion
Warehouse stock for Aluminium at LME was at 923700mt that is down by -12050mt.
BUY ALUMINIUM DEC 2021 @ 212.50 SL 210.00 TGT 215.00-216.50.MCX
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