Buy Copper Oct 2021 @ 716.00 SL 712.00 TGT 721.00-724.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 704.2-721.6.
Copper prices fell as investors reduced risk exposure amid uncertainty caused by a power curtailment and ahead of a major holiday in China.
The People's Bank of China injected a total CNY 100 billion of 14-day reverse repos at an interest rate of 2.35 percent on September 29th 2021.
The central bank reinforced the moves aim to maintain liquidity in the banking system ahead of the National Day holidays.
Warehouse stock for Copper at LME was at 220875mt that is down by -5750mt
BUY COPPER OCT 2021 @ 716.00 SL 712.00 TGT 721.00-724.50.MCX
ZINC
Zinc trading range for the day is 253.5-262.3.
Zinc dropped as a power supply crisis gripped China, the largest metals consumer, shutting factories and casting doubt on the outlook for demand.
Goldman Sachs and Nomura revised down projections for China’s economic growth this year.
The global zinc market deficit narrowed to 6,600 tonnes in July from a revised deficit of 40,000 tonnes in June
Warehouse stock for Zinc at LME was at 212575mt that is down by -1750mt.
BUY ZINC OCT 2021 @ 259.00 SL 257.00 TGT 261.00-262.40.MCX
NICKEL
Nickel trading range for the day is 1381.3-1450.1.
Nickel prices dropped as the global nickel market deficit declined to 24,700 tonnes in July from a June shortfall of 32,400 tonnes
The inventory of nickel ore rose more slowly, and the supply of raw materials remained tight.
Besides, the accident of a nickel mine in Canada has triggered market concerns over supply.
Warehouse stock for Nickel at LME was at 158274mt that is down by -1956mt.
BUY NICKEL OCT 2021 @ 1420.00 SL 1405.00 TGT 1438.00-1450.00.MCX
ALUMINIUM
Aluminium trading range for the day is 230.1-236.3.
Aluminium prices dropped as the social inventories of aluminium and aluminium billet have been on the rise
While the supply of aluminium continued to fall amid intensifying power rationing, underpinning aluminium prices.
National Food and Strategic Reserves Administration has decided to release the fourth batch of national reserves with an amount of 70,000 mt of aluminium
Warehouse stock for Aluminium at LME was at 1248625mt that is down by -7825mt.
BUY ALUMINIUM OCT 2021 @ 234.00 SL 232.00 TGT 236.00-237.20.MCX
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