Buy Copper Nov 2022 @ 648.00 SL 643.00 TGT 655.00-658.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 644.2-664.2.
Copper fell amid prolonged recession fears and expectations of low demand for industrial inputs.
Chile copper output falls 2.6% in September
Freeport-McMoran was also vocal about shortage risks, stating that the current low prices do not reflect the tightness in the physical market.
Warehouse stock for Copper at LME was at 119375mt that is down by -6450mt.
BUY COPPER NOV 2022 @ 648.00 SL 643.00 TGT 655.00-658.00.MCX
ZINC
Zinc trading range for the day is 255.1-272.1.
Zinc dropped hit by a stronger U.S. dollar and worries over demand in top consumer China amid rising coronavirus cases.
Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts.
Data shows that social inventories of zinc ingots across seven major markets in China totalled 87,000 mt as of October 28, down 13,000 mt
Warehouse stock for Zinc at LME was at 47400mt that is down by -775mt.
BUY ZINC NOV 2022 @ 258.00 SL 255.00 TGT 263.00-266.00.MCX
NICKEL
Nickel trading range for the day is 1830-1830.
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 52884mt that is unchange mt.
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.7-203.1.
Aluminum dropped as the market sentiment was quite bearish after the European Central Bank raised the interest rate by another 75 basis points
ECB hiked the interest rate by another 75 basis points overnight to 1.5%, a bear for commodity prices.
Glencore to stick with Rusal's aluminium in 2023
Warehouse stock for Aluminium at LME was at 587425mt that is up by 325mt.
BUY ALUMINIUM NOV 2022 @ 194.00 SL 191.00 TGT 198.00-200.00.MCX
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