Buy Copper Nov 2022 @ 650.00 SL 646.00 TGT 656.00-660.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 642.1-663.1.
Copper prices dropped as investors weighed on signs of low demand against worries of a supply crunch.
Manufacturing PMIs for China both pointed to yet another contraction for factory activity, as the world’s top consumer struggles to rebound.
Copper market in 16,000 tonne deficit in August – ICSG
Warehouse stock for Copper at LME was at 93975mt that is down by -8250mt.
BUY COPPER NOV 2022 @ 650.00 SL 646.00 TGT 656.00-660.00.MCX
ZINC
Zinc trading range for the day is 244.1-262.1.
Zinc fell as risk sentiment soured and demand outlook for metals dimmed due to prospects of protracted policy tightening by the U.S. Federal Reserve.
On the supply side, the smelters gradually resumed the production amid sufficient supply of raw materials.
Glencore cuts zinc output guidance after production drops 18% in nine months
Warehouse stock for Zinc at LME was at 44175mt that is down by -50mt.
BUY ZINC NOV 2022 @ 252.00 SL 248.00 TGT 258.00-262.00.MCX
NICKEL
Nickel trading range for the day is 1940-1940.
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 51432mt that is down by -156mt.
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 196.4-203.6.
Aluminium gains as some aluminium smelters in Henan province reduced production.
Japan aluminium stocks down 5% m/m in September
Global aluminium output rises 4.28% y/y in September – IAI
Warehouse stock for Aluminium at LME was at 577875mt that is down by -3175mt.
BUY ALUMINIUM NOV 2022 @ 198.00 SL 196.00 TGT 202.00-204.00.MCX
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