Buy Copper Nov 2021 @ 748.00 SL 742.00 TGT 756.00-760.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 730.2-761.4.
Copper prices dropped amid fears of weaker demand due to a power crisis in Asia and Europe.
ShFE copper inventories were last at 39,839 tonnes, a level unseen since June 2009
Money managers were net long copper on COMEX to the tune of 54,030 contracts, the highest since May 11
Warehouse stock for Copper at LME was at 140175mt that is down by -3475mt.
BUY COPPER NOV 2021 @ 748.00 SL 742.00 TGT 756.00-760.00.MCX
ZINC
Zinc trading range for the day is 276.8-294.
Zinc prices rose as the social zinc ingot inventories across seven major markets in China totalled 143,600 mt, down 3,700 mt
There is still no signs as of when the zinc inventory will come to a pivot.
On the macro front, the US disclosed its GDP reading with the lowest growth rate since the economy recovered from the COVID
Warehouse stock for Zinc at LME was at 197400mt that is down by -325mt.
BUY ZINC NOV 2021 @ 282.50 SL 280.00 TGT 285.00-287.00.MCX
NICKEL
Nickel trading range for the day is 1470.3-1550.7.
Nickel settled flat amid the slower decline in domestic nickel plate inventory and large inflows of imported goods.
The nickel ore inventory at Chinese ports grew 540,000 wmt from a week earlier to 8.987 million wmt
China imported 306,500 mt of NPI and ferronickel in September 2021, a decrease of 12.34% month-on-month and 10.09% year-on-year
Warehouse stock for Nickel at LME was at 143022mt that is down by -312mt.
BUY NICKEL NOV 2021 @ 1512.00 SL 1496.00 TGT 1532.00-1544.00.MCX
ALUMINIUM
Aluminium trading range for the day is 212.3-227.3.
Aluminium dropped as the SHFE aluminium inventory is growing slowly, but the downstream purchase still cannot be described as optimistic.
Data showed that China's social inventories of aluminium across eight consumption areas rose 25,000 mt on the week to 982,000 mt
China c.bank makes biggest weekly short-term cash injection in 21 months
Warehouse stock for Aluminium at LME was at 1042800mt that is down by -8550mt.
BUY ALUMINIUM NOV 2021 @ 220.00 SL 216.00 TGT 225.00-227.50.MCX
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