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Buy Copper Dec 2022 @ 672.00 SL 667.00 TGT 680.00-684.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 672.9-683.9
Copper prices rose amid China's supportive measures for its property sector, a weaker U.S. dollar.
Metals are higher from Chinese bank's pledge for loans and interest-free terms to other banks for re-lending to developers.
China's copper demand to rise strongly in 2023, helped by the production of electric vehicles and rising investment in renewable power projects.
Warehouse stock for Copper at LME was at 90150mt that is down by -1375mt.
BUY COPPER DEC 2022 @ 672.00 SL 667.00 TGT 680.00-684.00.MCX
ZINC
Zinc trading range for the day is 260.5-266.9.
Zinc dropped with rising COVID-19 cases in China weighing on sentiment
Risk assets had been under pressure as China is battling numerous COVID flare-ups, fanning concerns about the impact on global growth
Data showed that the China refined zinc output in October fell slightly short of expectation and stood at 514,100 mt, up 2.02%
Warehouse stock for Zinc at LME was at 41450mt that is down by -525mt.
BUY ZINC DEC 2022 @ 260.00 SL 257.00 TGT 264.00-267.00.MCX
NICKEL
Nickel trading range for the day is 728.7-728.7
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 51402mt that is up by 624mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203.9-212.3.
Aluminum dropped as signs of weaker demand and a rebound for the US dollar outweighed looming concerns of supply shortages.
Global aluminium output rises 3.1% y/y in October – IAI
Japan aluminium stocks down marginally m/m in October
Warehouse stock for Aluminium at LME was at 509450mt that is down by -3825mt.
BUY ALUMINIUM DEC 2022 @ 206.00 SL 203.00 TGT 210.00-212.00.MCX
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