Buy Copper Nov 2022 @ 650.00 SL 645.00 TGT 658.00-662.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
Copper trading range for the day is 650.3-660.3.
Copper dropped as investors worried about the pace of economic growth in top consumer China and the yuan fell to its weakest versus the dollar since 2008.
Pressure also seen as mounting risks of a global recession and economic and policy uncertainties in China dampened sentimentShanghai warehouse copper stocks up 40.5%
Warehouse stock for Copper at LME was at 134700mt that is down by -2625mt.
BUY COPPER NOV 2022 @ 650.00 SL 645.00 TGT 658.00-662.00.MCX
ZINC
Zinc trading range for the day is 272.7-276.1.
Zinc prices rose as global zinc market to be in deficit for 2022, 2023
Global zinc market deficit climbs to 101,100 T in August – ILZSG
The zinc ingot inventories across seven major markets in China totalled 100,000 mt as of October 21, up 5,600 mt from October 17
Warehouse stock for Zinc at LME was at 50575mt that is down by -25mt.
BUY ZINC NOV 2022 @ 272.00 SL 270.00 TGT 274.00-275.50.MCX
NICKEL
Nickel trading range for the day is 624.3-624.3.
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 52908mt that is down by -24mt.
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 192.1-203.1.
Aluminium prices dropped as fears of rapid U.S. interest rate rises dampened the outlook for economic growth and metals demand.
Also pressuring aluminium was the delivery of around 250,000 tonnes into LME warehouse system in the last ten days
Global aluminium output rises 4.28% y/y in September – IAI
Warehouse stock for Aluminium at LME was at 569525mt that is down by -475mt.
BUY ALUMINIUM NOV 2022 @ 196.00 SL 193.00 TGT 200.00-203.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
