Buy Copper Dec 2022 @ 712.00 SL 708.00 TGT 716.00-720.00.MCX- Kedia Advisory
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COPPER
Copper trading range for the day is 708.4-721.
Copper prices rose, supported by a weaker dollar and hopes for stronger demand in China on the back of promised economic stimulus from the government.
The Chinese government said it would step up measures to stabilise its economy and the central bank is expected to ease monetary policy before long.
Output from top producer Chile slid 6.7% in the first three quarters of the year, with mine protests in Peru stifling the activity.
Warehouse stock for Copper at LME was at 81350mt that is down by -1250mt.
BUY COPPER DEC 2022 @ 712.00 SL 708.00 TGT 716.00-720.00.MCX
ZINC
Zinc trading range for the day is 263.7-279.3.
Zinc prices dropped on profit booking as a surge in infections that is reducing consumption.
Inventories remain at record lows as the power crisis in Europe has forced many smelters to shut down
PBOC Injects CNY 85 Billion into Market
Warehouse stock for Zinc at LME was at 36450mt that is down by -75mt.
BUY ZINC DEC 2022 @ 267.00 SL 264.00 TGT 271.00-274.00.MCX
NICKEL
#VALUE!
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 54216mt that is up by 492mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.6-211.4.
Aluminum prices dropped as Chinese primary aluminium imports totalled 110,700 mt in November, up 64.1% MoM
LME aluminium inventories have been falling in recent weeks and stocks in SHFE warehouses, are near multi-year lows.
Global aluminium output rises 3.8% y/y in November – IAI
Warehouse stock for Aluminium at LME was at 481175mt that is up by 2675mt.
BUY ALUMINIUM DEC 2022 @ 208.00 SL 205.00 TGT 212.00-214.00.MCX
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