Buy Copper OCT 2021 @ 725.00 SL 718.00 TGT 732.00-736.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 778.9-820.1.
Copper gains as inventories have hit a record low following production cuts in the wake of power crunch in Europe and China.
LME on-warrant copper stocks dropped to their lowest since 1998 at 14,150 tonnes
World copper mine production increased by 4.9 per cent in the first half of this year and since June, ICSG
Warehouse stock for Copper at LME was at 181375mt that is down by -25mt.
BUY COPPER OCT 2021 @ 725.00 SL 718.00 TGT 732.00-736.00.MCX
ZINC
Zinc trading range for the day is 294.5-333.7.
Zinc dropped on profit booking amid concern that slowing growth in top consumer China will impact demand
In recent sessions, prices rallied as investors fretted over supply shortage amid production cuts due to electricity price hikes in Europe.
Belgium-based Nyrstar said it would cut production by up to 50% at its three European zinc smelters and Glencore
Warehouse stock for Zinc at LME was at 186900mt that is down by -1750mt.
BUY ZINC OCT 2021 @ 267.50 SL 265.50 TGT 269.50-271.00.MCX
NICKEL
Nickel trading range for the day is 1534.4-1584.6.
Nickel gains due to production curbs driven by power shortages in Asia and Europe.
Inventories in ShFE warehouses hovered near a record low of 4,455 tonnes
Stockpiles in LME warehouses declined to the lowest since December 2019.
Warehouse stock for Nickel at LME was at 144588mt that is down by -1434mt.
BUY NICKEL OCT 2021 @ 1485.00 SL 1470.00 TGT 1506.00-1524.00.MCX
ALUMINIUM
Aluminium trading range for the day is 250.9-261.5.
Aluminum rose as soaring energy prices intensified supply disruptions.
China's Sept aluminium output down 2.1% y/y at 3.08 mln tonnes
China's September aluminium output in September declined for a fifth consecutive month due to Chinese electricity shortages.
Warehouse stock for Aluminium at LME was at 1111525mt that is down by -6800mt.
BUY ALUMINIUM OCT 2021 @ 236.80 SL 235.00 TGT 239.00-240.50.MCX
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