Buy Copper OCT 2021 @ 730.00 SL 724.00 TGT 738.00-742.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 724.4-779.4.
Copper prices rose as inventories in ShFE warehouses have dropped nearly 80% since May, and LME stocks were at a near eight-month low
China Sept unwrought copper imports at 406,016 tonnes – customs
The premium of LME cash over the three-month contract jumped to above $50 a tonne this week, indicating tight nearby supplies.
Warehouse stock for Copper at LME was at 191600mt that is down by -3650mt.
BUY COPPER OCT 2021 @ 730.00 SL 724.00 TGT 738.00-742.50.MCX
ZINC
Zinc trading range for the day is 264.3-292.5.
Zinc prices rose as Nyrstar to cut output by up to half at Europe zinc smelters
Zinc prices touched a near 14-year high in Shanghai while in London they jumped to the strongest in over 3-1/2 years
The global zinc market will be slightly over-supplied this year and next, the International Lead and Zinc Study Group said
Warehouse stock for Zinc at LME was at 191075mt that is down by -425mt.
BUY ZINC OCT 2021 @ 267.50 SL 265.40 TGT 270.50-272.50.MCX
NICKEL
Nickel trading range for the day is 1459.9-1499.9.
Nickel prices rose as the supply of raw materials was still tight as the inventory of nickel ore grew slowly.
China Sept trade surplus with the United States at $42 billion
The domestic ferronickel plants were still under the influence of power rationing, pushing up the demand for nickel plate
Warehouse stock for Nickel at LME was at 147060mt that is down by -720mt.
BUY NICKEL OCT 2021 @ 1464.00 SL 1448.00 TGT 1482.00-1496.00.MCX
ALUMINIUM
Aluminium trading range for the day is 242.1-250.7.
Aluminium prices rose amid supply shortage worries due to the power curb
Hongqiao to postpone aluminium capacity move to Yunnan due to power curbs
Dutch aluminium maker Aldel to halt output due to power prices
Warehouse stock for Aluminium at LME was at 1128500mt that is down by -9175mt.
BUY ALUMINIUM OCT 2021 @ 243.50 SL 241.50 TGT 246.00-247.50.MCX
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