Buy Copper Nov 2022 @ 652.00 SL 648.00 TGT 658.00-660.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 645.2-667.2.
Copper rose as investors bet that central banks would slow the pace of interest rate rises and the dollar weakened.
In China, the yuan strengthened after the government plans in March to lift strict COVID19 restrictions that have stifled economic growth.
Chile copper output falls 2.6% in September
Warehouse stock for Copper at LME was at 106425mt that is down by -6700mt.
BUY COPPER NOV 2022 @ 652.00 SL 648.00 TGT 658.00-660.00.MCX
ZINC
Zinc trading range for the day is 248.9-260.7
Zinc prices rose as Glencore produced 18% less zinc in the first nine months compared with the same period a year before.
Data shows that social inventories of zinc ingots across seven major markets in China totalled 78,800 mt, down 18,300 mt
Zinc concentrate imports in September increased 3.77% MoM
Warehouse stock for Zinc at LME was at 44825mt that is down by -700mt.
BUY ZINC NOV 2022 @ 252.00 SL 248.00 TGT 258.00-262.00.MCX
NICKEL
Nickel trading range for the day is 1900-1900
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 52026mt that is down by -108mt.
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 196.4-202.2.
Aluminum rose as China Hongqiao plan to shift aluminium output on track despite Yunnan's power woes
China's Oct factory activity shrinks as COVID curbs output, demand - Caixin PMI
Japan Oct factory growth hits 21-month low as China conditions worsen -PMI
Warehouse stock for Aluminium at LME was at 583975mt that is down by -2250mt
BUY ALUMINIUM NOV 2022 @ 196.00 SL 193.00 TGT 200.00-202.00.MCX
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