Buy Copper Dec 2022 @ 702.00 SL 697.00 TGT 708.00-712.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 693.1-710.9.
Copper prices fell as the U.S. dollar firmed and caution prevailed ahead of major central bank meetings
Investors expected China's easing of its COVID-19 restrictions would boost global economic growth and metals demand.
Visible copper inventories remain low, with Goldman Sachs predicting a supply deficit in 2023 and prices at $11,000 in a year.
Warehouse stock for Copper at LME was at 84300mt that is up by 1700mt.
BUY COPPER DEC 2022 @ 702.00 SL 697.00 TGT 708.00-712.00.MCX
ZINC
Zinc trading range for the day is 280.8-294.8.
Zinc rose as LME zinc inventory continued to fall last week, standing at 39,750 mt, its lowest in more than 32 years.
Nyrstar's Auby zinc plant on care and maintenance until further notice
Global zinc market deficit rises to 103,000 T in September – ILZSG
Warehouse stock for Zinc at LME was at 36700mt that is down by -500mt.
BUY ZINC DEC 2022 @ 286.00 SL 283.00 TGT 291.00-294.00.MCX
NICKEL
Nickel trading range for the day is 822.5-822.5.
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 53028mt that is up by 822mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208.6-214.8.
Aluminium dropped as China produced around 3.34 million mt aluminium in November, up 8.7% YoY
The output totalled 36.64 million mt from January to November, an increase of 3.7% on the year.
The aluminium ingot social inventories across China’s eight major markets totalled 500,000 mt
Warehouse stock for Aluminium at LME was at 501675mt that is up by 30100mt.
BUY ALUMINIUM DEC 2022 @ 210.00 SL 207.00 TGT 214.00-216.00.MCX
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