Buy Copper Nov 2021 @ 730.00 SL 724.00 TGT 736.00-740.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 720.7-750.3.
Copper dropped as the dollar seen on positive sentiment from a virtual meeting between the leaders of the world’s largest economies.
However downside seen limited on positive developments from a meeting between U.S. President Joe Biden and his Chinese counterpart Xi Jinping.
The premium of LME cash copper over the three-month contract fell to $32.50 a tonne, the lowest level since Oct. 8
Warehouse stock for Copper at LME was at 93925mt that is down by -1775mt.
BUY COPPER NOV 2021 @ 730.00 SL 724.00 TGT 736.00-740.00.MCX
ZINC
Zinc trading range for the day is 267.4-275.6.
Zinc ended with nominal gains as falling zinc prices have revived the downstream sector, who started restocking.
However upside seen limited as a mid-size zinc smelter will commence production as planned in November, potentially pushing up zinc supply.
The total zinc ingot inventories across seven major markets in China totalled 135,200 mt, up 3,900 mt
Warehouse stock for Zinc at LME was at 182450mt that is down by -300mt.
BUY ZINC NOV 2021 @ 270.50 SL 268.00 TGT 274.50-276.50.MCX
NICKEL
Nickel trading range for the day is 1487.3-1529.9.
Nickel prices dropped as supply of nickel sulphate was in surplus as a matter of choice.
Production has been hit badly in the Philippines, the top producer of the metal due to the rainy season.
Inventories at LME warehouses depleted by 130,000 tonnes this year and combined exchange warehouse stocks declined to 143,888 tonnes
Warehouse stock for Nickel at LME was at 127818mt that is down by -1752mt.
BUY NICKEL NOV 2021 @ 1506.00 SL 1490.00 TGT 1526.00-1534.00.MCX
ALUMINIUM
Aluminium trading range for the day is 199.4-214.2.
Aluminum prices dropped amid a strong US dollar and weaker demand in China amid a sluggish real estate market.
New home prices in China fell for a second consecutive month in October and sales and property investments also declined.
Japan and the US agreed to start discussions on removing additional tariffs on Japanese steel and aluminum imports.
Warehouse stock for Aluminium at LME was at 959975mt that is down by -8475mt.
BUY ALUMINIUM NOV 2021 @ 209.00 SL 207.00 TGT 211.80-213.00.MCX
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