Buy Copper OCT 2021 @ 795.00 SL 788.00 TGT 802.50-806.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 774.9-817.1.
Copper dropped on profit booking after the US new housing starts reading also fell short of expectations, evidencing the slower economy growth in Q3
A Peruvian community will block a key mining road used by MMG's Las Bambas copper mine in protest after failed negotiations with the Andean nation's government
LME cash copper was at a record high $1,103.50-a-tonne premium over the three-month contract, indicating tight nearby inventories.
Warehouse stock for Copper at LME was at 178225mt that is down by -3150mt.
BUY COPPER OCT 2021 @ 795.00 SL 788.00 TGT 802.50-806.00.MCX
ZINC
Zinc trading range for the day is 281.3-320.1.
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 201700mt that is up by 14800mt.
BUY ZINC OCT 2021 @ 308.00 SL 302.00 TGT 314.00-318.00.MCX
NICKEL
Nickel trading range for the day is 1517.9-1611.5.
Nickel fell as the US manufacturing reading for September fell out of expectation
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 143856mt that is down by -732mt.
BUY NICKEL OCT 2021 @ 1550.00 SL 1535.00 TGT 1566.00-1575.00.MCX
ALUMINIUM
Aluminium trading range for the day is 242.8-260.8.
Aluminum dropped as the downstream consumption has been suppressed by the power rationing and the domestic inventory of aluminium has been on the rise.
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 1103275mt that is down by -8250mt.
BUY ALUMINIUM OCT 2021 @ 253.50 SL 251.00 TGT 256.00-258.60.MCX
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